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Back from Scotland

Posted by: Michael Mandel on July 16

Beautiful warm weather the entire trip, and a wonderful time—maybe I’ll post some pictures!

I see that Peter did a great job while I was gone. I’ll be back in the blogging business tomorrow.

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Reader Comments

Gerald A. Black

July 16, 2009 07:17 PM

Hope you got to see Glasgow, and Paisley where my ancestors immigrated from to Canada and the USA way back in 1666 !
Did you see Loch Lomond, a sight to see.
Welcome Home.....

Brandon W

July 17, 2009 09:02 AM

Welcome back. I hope you had an opportunity to taste some delicious scotch.


July 17, 2009 12:04 PM

I am from Ethiopia and I am a student studying at strathclyde university in Glasgow .Even if the weather is unpredicatable and depressing , Scottish people are very friendly!!!There aren't many businesses that Businessweek may write about.RBS is the only one, I guess. Strathclyde business school is one of the best in Europe.I haven't seen many articles about Scotland on Businessweek for 4 years.One more thing , I studied American English and I found it very hard to communicate with Scottish people as their accent is very differnt from American accent.


July 17, 2009 01:10 PM

Welcome back!

Mike Mandel

July 17, 2009 01:52 PM

We were in Edinburgh, Oban, and Montrose on this trip, travelling on the excellent Scottish railroads. And no Scotch for me....

Eugene Pate

July 19, 2009 01:24 AM

In my opinion, the answer that will fix this economy is to “HIRE” people not cut them thinking it will save the business money. You can’t save money by cutting labor. WHY? Correct me if I am wrong but, the US depends on people spending money. If you are a company and you lay that person off or fire that person they can’t buy anything and if they do purchase anything they only buy the basics to survive. So you lost your job, the car salesman lost his too because you didn’t buy that car. Then you didn’t realize that the service department will cut the repairman’s position with the dealership because no one bought that car that will need to be fixed or tuned-up and you have a chain reaction on your hands ending with the close of the dealership itself. In return, employees will have a paycheck that they can spend. (STIMULUS) People will go and buy, buy & buy. They will buy things they don’t even need. That is what we want to happen, consumers to purchase items that create jobs, more goods and services. Business won’t make their zillion dollar profit right away. They will have to spend money to make profits later over a period of time. Businesses are currently making prices so high above base price cost, the average American cannot afford to buy products and services. Companies should not just lay off because they read in the paper that XYZ, Inc cut jobs because of whatever reason when XYZ, Inc is doing well. This method won’t save money it hurts the economy as I said above. People have to spend money so that money circulates back to XYZ, Inc. It takes a little longer, but it will bring in income for the US ten- fold. Sure, XYZ, Inc is going to say, “Labor will be too high and utilities combined will consume profits because sales aren’t coming in to match them”. That is a crock Oh my God! DUH……….. (Slap, slap, slap). You have to spend money to make more money (Sigh). US companies, accountants, banks, lobbyists, Frank Russo, Jimmy Dimora and Cleveland, Ohio can’t see it because they are selfish and corrupt. They are not looking at the big picture. Yes, labor will be high, but those employees are getting paid and………wait... they will go out and buy something. Imagine that! XYZ, Inc hires 50,000 employees today, this minute and say they get $15.00 per hour based on 40 hours for the week. That’s $30,000,000 that people will go and spend. Yes! It is that easy. Employers will take a loss on profits for about a year or two. (They’ll make 14 million in profit rather than 40 million for the year – I am weeping, come on!)

Eventually this money will circulate back to XYZ and profits will soar, property values around that area will increase and schools will receive new books, kids will get new clothes and parents will have the latest LG Screen TV. Also, they buy a car next year and the repair guy just got hired and ABC Department store just employed 3,000 employees to sell clothes, appliances and more in the area to cover the supply and demand for those 50,000 jobs that need clothes and such. An auto maker will surface and produce a fuel efficient vehicle with a reasonable price tag.

Maybe, the hospital will start hiring again because the common laborer now gets health insurance so the doctor needs me to attend to that employee’s health needs that works for, guess, XYZ, Inc. Thanks XYZ, Inc for hiring 50,000 people. You created my job and I will be able to buy your product, which happens to be that new car and because I did that I just helped you hire 50 more jobs. I even talked my other coworkers to buy one and next year you plan to hire 30,000 more jobs!
I say Politics get in the way of production. (Definition; “Politics” better known as “public entertainment) Too many bosses not enough people actually getting out there and earning taxpayer dollars. The media, the talk shows the analysts. (ANAL ists). They are soooo smart they’re dumb! HIRE, HIRE, HIRE! Don’t throw money to the top richest businesses; the financial ladder didn’t grow from heaven to the ground. It grew from the ground up. If you throw money at the top it is not going to reach the ground and bounce back. Newton’s law of gravity doesn’t apply here.

Business grows from the ground up Trees grow from the ground up The USA had nothing when we started and we built it from the ground up. Money needs to be made at the foundation of society to grow up and strengthen the financial structure of the country. Everyone affects everyone else. The only thing that will fall to the ground if you throw it up in the air is an apple or whatever else that is inanimate you can lift up throw in the air. Money is not really something that is affected by gravity. Money is like a living thing. If you throw it up in the air it might just fly and stay in the tree (banks).
We don’t need a stimulus, we need JOBS. Not just road work. JOBS! Incorporate employment in all careers into the economy. HIRE, HIRE, HIRE and spend, spend, spend! That is a true stimulus. Of course rich businesses and financial people will snicker and convulse, but that means you’re doing the right thing. When the richest of the people start wining while you’re putting this idea to good use, it’s a good sign that improvement is on the way. Awww, the banks can’t keep our money. I feel real bad. NOT!

Instead, we encouraged businesses in the US to just HIRE as many people as they can and the government will help with utilities, tax breaks and education until the business owner begins making its profits back and then we will make sure it doesn’t happen again by installing safeguards.

Lastly, XYZ, Inc hired all those people now you encourage all the other business to hire and hang on. With help from our mighty government all US companies agree to just blindly hire out of faith. Let’s say just OHIO hires all careers no matter if it is Mc D’s or AT&T or even UH Hospital. 15,000,000 million people (cross your fingers cause they say this cost for labor will close their business- no it won’t)

15 million people working for 15.00 an hour for 40 weeks minus Sat, Sun. That’s $9,000,000,000!!!!!! Now, do you believe that money will boost the economy and come right back to all those businesses?

If you don’t your crazy! Within two years, there will be a strong; I mean strong economy full of money, sales, jobs, education and families to consume it all. Provided that CREDIT cards and loans aren’t in the picture and if they are greed and corruption will prevail. CREDIT needs to take a vacation from US currency during this fragile period. If you can’t buy it in cash then you don’t need it!!!!! Credit will need to be revised. You can’t have two forms of currency running at the same time because people can’t budget the two and one will cancel the other out and then you will be forever in debt and so will the US. You can give credit in tiny amounts and use another system. We want people to spend US currency free and clear.

HIRE people don’t cut people, cutting people is not going to save the budget nor is it going to save money. Money is only worth something if you spend it. Cutting jobs will cause other jobs to get cut and then who are you going to sell to? DEPRESSION!!!!


July 19, 2009 01:00 PM



March 6, 2010 04:34 AM


March 6, 2010 04:35 AM


March 9, 2010 11:24 PM

Excellent Opportunity to Study

1) Many people still think of online education as a way to take an extra class to supplement their brick-and- mortar education. However, online education, or distance learning, is becoming an increasingly popular way to complete an entire degree. More people are turning to distance learning to complete associates, bachelors and masters degrees……

Thank you for your interest. This blog is no longer active.



Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.

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