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August 20, 2010
Vacation Reveries
I have been out of the office for the past two weeks. The break was overdue—I was getting groggy in the afternoon, relying on a Diet Pepsi for energy to get through the day. I can always tell when it is time to go back to work. My right arm and back ache from too much tennis and I bounce out of bed at 7 am. Here are a few observations from my time off:
1) China Has a Superior Political System for Economic Growth—So said George Soros, bemoaning the dysfunction of the US Government, at a recent dinner in the Hamptons.
2) Raising Money for Charities Is Really Tough—I had a fundraiser for the Public Theater’s Shakespeare in the Park program. It was like pulling teeth to get contributions.
3) Getting Money for Politicians is Impossible—I tried to interest friends in a fundraiser for a local Congressman. Voters are irritated about the lousy economy, concerned about impending tax increases, revile the health care bill as costly at a time of budget stress and think that government is too involved in the activities of business.
4) Rise of Private Label Products—Shopping at the local grocery store, it is impossible to overlook the increasing space taken up by store brands, especially in lower interest categories such as garbage bags.
5) Idealism of the Next Generation—Having seen a dozen Bowdoin volleyball players plus another dozen college students who are friends of my children, I see much less interest in a career on Wall Street and more desire to give back through Teach for America or other charitable options.
6) The Mosque at Ground Zero—I watched an advertisement last night for a gubernatorial candidate whom I have supported for years. It turned my stomach to see images of 9-11, then a clip of the candidate saying that the new mosque cannot be placed on hallowed ground. Politics is one thing, integrity is another. For the record, there are two other mosques four blocks and 12 blocks away from Ground Zero.
7) Spending Money Does Not Guarantee Success—My friend, Ned Lamont, ran in the Democratic primary for Governor. He spent a boat load, actually $9.5 million, mostly on TV ads. He opted not to debate his opponent because he was ahead in the polls by as much as 20 points; his advisors said he should not take the chance of a mistake. The newspapers then turned against him as ducking the discussion. Only 20% of the registered voters actually came to the polls, mostly union members or party regulars. He lost by 18 points. The lesson is to make your own decisions, as a client or a candidate, weighing the advice of experts.
8) Best Books and Movies—Books read on vacation include Constantine’s Sword on the relationship between Jews and the Catholic Church, Chris Hibbert’s The Borgias, David Fischer’s Champlain’s Dream about the father of New France in Canada. I started but gave up on The Brothers Karamazov. Best movies include Avatar, My Cousin Vinny, Ben Hur and the Alamo (directed by and starring John Wayne).
Posted by Edelman at August 20, 2010 1:47 PM |
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Comments
Mr. Edelman,
I stumbled upon your blog by chance. I think it's fantastic that you discuss your thoughts and ideas like this. I think more CEOs should do the same. I couldn't help but laugh at the bit about "The Brothers Karamazov" -- it's such a daunting work (though well worth the effort, I'm told). I'm about to embark on a Henry James excursion and feel a similar trepidation.
-Steve
Posted by: Steve Bidwell at August 22, 2010 8:45 PM
I think your observation about private label products is true and will take hold even more and more, even into "higher interest" categories, in spite of the inevitable economic recovery. Consumers are very savvy these days, and "good enough" will rule in more and more categories. The upside for PR is the differentiation story telling can be done much more effectively and inexpensively via media relations than advertising.
Posted by: Steve Shannon at August 23, 2010 1:29 PM
I find it ironic that so many people seem to think government is too involved in business activities, when the evidence seems to illustrate that our current problems came about because of a lack of regulatory oversight and controls.
Posted by: Michael Molligan at August 23, 2010 5:23 PM
Richard,
You deserved the time off and glad you enjoyed it; but obviously the brain didn't take a vacation. Great note. Welcome back to long days and Diet Pepsi. Hope to see you at Page.
Steve
Posted by: Steve Dishart at August 24, 2010 9:35 AM
Richard,
My current visit to your blog was to ascertain if Pepsi was an Edelman client and I am happy to see that they are, since The Pepsi Refresh Project appears to be generating a lot of enthusiasm in an otherwise pessimistic year.
Elizabeth Warren appears to have favorably impressed George Soros, as both have appeared together on several panels in 2010.
Regarding the dysfunction of the US Government, it is virtually impossible for a government not to become dysfunctional when its political systems has been moving in that direction since the end of the cold war. After having an external enemy in the USSR for 44 years, the end of the cold war has created a void (no external enemy). Dualistic thinking appears to require a “them against us” mentality, with the domestic political extremes turning against each other more than ever before and decimating the centrists.
The 18th Century Tea Party was as much or more about representation as taxes. Currently, representation is largely controlled by special interest groups, yet the 21st Century Tea Party movement’s focus is solely on taxes.
Posted by: Hugh Campbell at August 24, 2010 9:22 PM
Mr Edelman,
First I would like to demonstrate my appreciation and disbelief in the idea that a highly respectful and powerful man such as yourself would put time into keeping an open blog filled with educational messages and also, mildly personal updates.The tone of your entries also project the down to earth nature of your personality.The world could use more business leaders like you.
On Idealism of the Next Generation: being a member of the next generation myself,I completely understand the passion the youth of today have for charitable projects and the idea of working for a good cause.Needless to say, I also understand their lack of interest in multi-national co operations.
With only two years to go in finishing my Bachelors Degree in PR with a minor in International Relations, I still dream of using my skills for humanitarian work and spend a lot of time seeking internships in organizations such as UNICEF and UNHCR. The increase in corruption of profit oriented business co operations have prompt many my age to diverge away from them.
Professor Wiesel's words “The guilty feel innocent and the innocent feel guilty in today’s world.” could not be better said.
Posted by: Setareh Fasihnia at August 25, 2010 2:39 PM
Thank you for this useful and valuable posting, appreciated a lot. Keep up the great work!
Posted by: Eric at September 2, 2010 1:14 PM