The event that changed the US

Paul Krugman has a characteristically heterodox viewpoint: “I predict that in the years ahead Enron, not Sept. 11, will come to be seen as the greater turning point in U.S. society… There have been other big, admired companies that failed; there have been other companies that turned out to be largely fraudulent. But I can’t think of another case in which the most admired company turned out to be a fraud.”

 It will be particularly interesting in the coming days to see how Enron plays at Davos in NY. Ken Lay was a Davos stalwart: regular plenary speaker, sought-after moderator, member of the Foundation Board. He’s not coming (obviously), but I wonder how many people in the Davos crowd will have the courage to confront the many spectres at the feast.