Small-Town Big Spending, New York Times

April 19, 2009

"DURING these uncertain times we've yet to hear a phrase with the resonance of Franklin Roosevelt's "The only thing we have to fear is fear itself," but there are a couple of minor-chord expressions that should have staying power.

One is the observation of Rahm Emanuel, the White House chief of staff, that "you never want a serious crisis to go to waste." Another comes from my boss, Jeff Immelt, the chief executive of General Electric, who has warned, "This is not a cycle; it's a reset."

Taken together, these remarks challenge us to go beyond trying to quickly fix the immediate problems of toxic mortgages, risky banks, a struggling American car industry and escalating health care costs. If the American people are tuned into the need to change the irresponsible, inefficient practices and systems that created those problems, why not enlist them to take the next step and radically change the antiquated public structures that exist beyond the Beltway?"

For the rest of Tom Brokaw's op-ed piece, please click here.  You may be required to register to read the article.