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Chase away media goblins

Commentary: With LIBOR, down is good

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Ghosts and goblins descended upon us way back in mid-September, deviling civilians and bankers alike in a rolling Halloween that will not end with the dawn. This is the wrong year to sneak up and shout, "BOO!!" That might finish somebody off altogether. As confusing and frightening as this interval is, there is progress -- a lot of it, and less damage than the leapfroggers of doom would have it. "You think this is bad? Lemme tell you how really bad …" "Oh yeah? That's nothing; wait'll you hear this. …" First, keep track of time. Lehman and AIG died on Sept. 15, just seven weeks ago, and the global credit system shut down 48 hours later. Four precious weeks were lost while Treasury fumbled for a plan. Only three weeks ago we followed the world to the obvious -- capital! -- and this week shot the actual cash into banks. The current economy: July-Sept GDP contracted 0.3 percent, a surprise to nobody. However, you'd have to listen hard to kno...