Felix Rohatyn is an investment banker and has been a governor of the New York Stock Exchange, Chairman of the New York Municipal Assistance Corporation, and US Ambassador to France. (October 2008)

IN THE REVIEW

A New Bank to Save Our Infrastructure

These are rare times of ferment in one of the most neglected fields of public policy—the nation’s infrastructure, or what used to be known as public works, including roads, mass transit, bridges, ports and airports, flood control systems, and much else. We have been confronted with spectacular and tragic evidence …

From New York to Baghdad

There is war in the Middle East. The President of the United States is about to open a new theater of war in Asia. The stock market has collapsed: computer, technology, and conglomerate stocks have been particularly hard hit, declining by an average of 80 percent or more as the …

The Betrayal of Capitalism

During my nearly four years as ambassador to France I frequently gave a speech I called “Popular Capitalism in America” to audiences throughout France. This is a subject of intense interest to the French and to most other Europeans, who envy us our high rates of growth and low unemployment …

The Budget: Whom Can You Believe?

When President Clinton came out this June for a balanced budget within ten years, he returned to the economic approach that brought him significant support from many business leaders and economists in 1992. That approach included reducing the deficit in order to achieve lower interest rates and higher rates of …

World Capital: The Need & the Risks

The recent weakness and volatility of financial markets here and abroad have been perplexing. Since the US economy has been growing fairly steadily, the markets, which had fallen in value by as much as 10 percent since February, evidently do not reflect the state of the economy. The recent increases …

What the Government Should Do

The current presidential campaign has so far failed to provide something we badly need: a discussion of what government should and should not do in a modern industrial democracy. The recent events in Los Angeles have shown that government must be much more active in dealing with social problems such …

The New Domestic Order?

Two years ago, the sun began to shine on the Western democracies. The collapse of the communist system, first in Eastern Europe, then in the Soviet Union, brought about a general euphoria that reached deceptive proportions. Now the situation has become dark and chaotic. In the Persian Gulf, Iraq’s invasion …