Post-Standard (Syracuse, NY): The U.S. economy in one Whitman word? "Sucks," said Whitman, known as a straight shooter. So what's the first step to right it? "The biggest thing we have to do about it is get rid of the Republicans," said Whitman. "It's just a disaster. I'm more a use-of-proceeds person than I am a deficit person.
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Financier full of wit and opinions
SU benefactor, Martin J. Whitman, counsels management
students.
January 23, 2004
By Bob Niedt
Staff writer
Investor Martin J. Whitman first came to Syracuse
University just after World War II, under the G.I.
Bill of Rights, a federal program conceived when the
country was running deficits that Whitman says was a
good use of taxpayer money.
Whitman, Class of '49 and nearly 80, was back in
Syracuse on Thursday, in a building with his name on
it and in an economy newly stung with word of
extensive layoffs at Kodak and a deepening federal
deficit.
The U.S. economy in one Whitman word? "Sucks," said
Whitman, known as a straight shooter. So what's the
first step to right it? "The biggest thing we have to
do about it is get rid of the Republicans," said
Whitman. "It's just a disaster. I'm more a
use-of-proceeds person than I am a deficit person.
"Deficits can be very, very constructive if the funds
so raised are used in a productive manner, such as
what brought me to Syracuse in the first place: the
G.I. Bill of Rights. But when you piss the money away
in useless wars and ill-conceived tax cuts, you're
headed toward becoming a banana republic.
"The people there are just interested in trying to
make the economy look good for the next election, but
they're not interested in the Draconian long-term
consequences."
Whitman is the first to admit he's a pessimist. That's
how he runs investment firms that made him very, very
wealthy - wealthy enough to be one of Syracuse
University's biggest contributors: millions and
millions of dollars - and why there's the Martin J.
Whitman School of Management at SU.
"I'm embarrassed by it," said Whitman, who seemed
humbled.