The Salon Speakers Series has opened its 2nd season in Calgary’s Teatro restaurant with author and New York Times business writer Joe Nocera. The theme this year is Risk and the Global Economy.
Some things at the Salon Series don’t change: the outstanding quality of a three-course meal at Teatro, for example, or the introductory remarks from a local business icon (in this case Jim Palmer, founder of Burnet, Duckworth & Palmer LLP), or the name-dropping within thirty seconds of the speaker’s remarks (last session we heard Bill Kristol’s scathing review of Al Gore’s company; this time we heard about Mr. Nocera’s casual visits to T. Boone Picken’s living room). On the other hand, some regular guests (it is an invite-only affair) have noticed some marked differences. In his introduction, Mr. Palmer, whose firm is also a title sponsor, pointed to the rather conservative nature of last year’s speakers and implored that the audience “be okay with some thinkers that are slightly to the left.”
Nocera’s gift, as a speaker and a writer, is story-telling. Energetic and knowledgeable, he spoke about the tension, the vacuum and the free-fall on Wall Street and in the White House after the collapse of mortgage lenders Fannie Mae and Freddy Mac. He described scouring for information, trying to figure out what would happen next. “They had no idea,” he said, “As the debate over Freddie and Fannie was going on, that AIG was just a few days away, then Lehman Brothers, Goldman Sachs, Merrill Lynch … it’s like all five heads of the family, in mafia terms, falling like a deck of cards.” Then he took questions.
In his book, Good Guys & Bad Guys, Nocera unravels the narrative of big business from the early ‘80s until today, giving the reader an up-close-and-personal look at how major deals close, companies grow or falter, and ultimately how a few personalities have dramatically shaped the American fortune. The book is compelling and accessible, deftly turning high finance into a good story. His descriptions of Wall Street in the mid-1980s (a chapter called “GaGa Years” is particularly good: “The scent of the market is powerful here, intoxicating,” he writes, “All around me I can see the blandishments of money, the seduction of wealth, the lure of financial security.”) are riveting. Oh, the heady climb before the fall.
For such a prolific insider, it’s a surprise that his writing didn’t offer forewarning of last year’s economic tumble, but boy can he explain it well today. And his prediction for the future? “People want to know if this will happen again,” he said, “And the answer is yes. It is inevitable that as people forget the downside of risk, they risk again, and ultimately fall into national - in this case international - insanity.”
While the question and answer period focused mainly on domestic economic recovery plans, Nocera did have a few awe-inspired comments for China (“It’s impossible not to be dazzled by China’s economic rise.”) who along with India and Brazil was given increased sway over the activities of the IMF only days prior and which, not incidentally, owns a significant portion of American debt.
Guests received a signed copy of Nocera’s book courtesy of Enbridge; other sponsors included Bennett Jones, Vendemmia International Wines, Global Public Affairs, and The National Post.
Published in National Post October 3, 2009
Photos by Adrian Shellard
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