The chic thing to do this year at the World Economic Forum was for top leaders to answer what was called the “Davos question:” What one thing do you think that countries, companies or individuals must do to make the world a better place in 2008? The answers were posted on You Tube. No investment banker, or Wall Street tycoon, answered the question. Many were at the Google to-die-for party, however, where there was the obligatory dancing with the stars.
Given the current unsettling state of the world’s economy, we think a better question might be: If all the high-priced investment banking talent which attended the WEF last year was unable to foresee the subprime disaster that was brewing under its nose, why should the world think this group will get it right for anything else? We don’t expect many responses from Wall Street to this question, either.