Wednesday, October 16, 2013

Failure -- US Default Looms

Many years ago I had an important appeal.  I was a young lawyer and prepared hard for the hearing;  and as soon as I stood up realized my preparations were all for naught and I was in way over my head.  My careful arguments were irrelevant and merely looked foolish.

I did a dreadful job;  I still look back and am embarrassed.  I learned a lot from that appeal and never again approached a case the way I did.

Oddly though, and for no reason related to me, I won the appeal.

My client was delighted and stayed with me after.

My client cared about results; not effort or quality of argument.

And that, though it is a hard truth, is the truth.  If, as a lawyer, you win, your clients love you.  A well respected and impeccably prepared loser is not beloved by clients.

So now we look to what's happening in Washington.

The entire world economy is on the edge; indeed, it looks like a US default is likely and the results that follow may be as disastrous as the last great recession or worse.

Perhaps President Obama has been dealt a bad hand.  Perhaps Congress is full of crazy people.  Perhaps he has done everything that could be done.

But if default does occur it will be President Obama who owns it.

Clients don't care why the lost;  they only care they lost.

1 comment:

Robert Wood said...

We have added your post to our 'Around the Blog' section at