Stories by Daniel Gross

  • Daniel Gross: Won't Anyone Give Bush a Job?

    For many of President Bush's critics, the fact that he is now seeking work in the worst job market in a generation is poetic justice. As 43 noted in his farewell press conference, he is too much of a Type A for "sitting with a big straw hat and a Hawaiian shirt, sitting on some beach." (He might want to reconsider. Thanks to the economic malaise, tropical resorts are running great promotions.) Given recent history, Bush has reason to think he might be able to monetize his presidency. Bill Clinton reported income of more than $90 million between 2000 and 2007.But Bush probably shouldn't expect to post Clintonian numbers. Ex-presidents peddle image, presence and experience; in Bush's case, each is tarnished. To aggravate matters, many of the industries in which ex-presidents make easy money are (a) doing poorly, and (b) based in the Axis of Acela, the Washington-Boston corridor in which Bush hostility runs deep.An ex-president's first move is usually a book deal—Bill Clinton got an...
  • Gross: The Second Auto Industry

    Less than two decades ago, Detroit's Big Three were the U.S. auto industry. But now there's a second auto industry: one that is nonunion, foreign-owned and Dixie-based. That's why Southern senators worked so hard to block the bailout.
  • Gross: Luxury Retailers Get Desperate

    Saks is taking a cue from automakers and offering zero percent financing. Even Tony Bergdorf Goodman is cold-calling shoppers.
  • Gross: McCain Lost Track of the Economic Narrative

    In 1992, for Bill Clinton, it was the economy, stupid. In 2008, for John McCain, it was the stupid economy. Exit polls showed that 62 percent of the electorate said the economy was the most important issue.But when, precisely, did John McCain lose the narrative on the economy? Was it in July, when adviser Phil Gramm, discussing the "mental recession," noted that "we've sort of become a nation of whiners"? Perhaps it was back in December 2007, when McCain said, "The issue of economics is not something I've understood as well I should." Or was McCain's economic goose cooked long before the campaigns started? Ray Fair, the Yale professor who plugs macroeconomic data into an election-predicting model, said, "Since November 2006, the model has consistently been predicting that the Democratic candidate would get about 52 percent of the two-party vote."McCain managed to give Obama a run for the money through mid-September. But the polls began to turn against him when the global financial...
  • The Anatomy of Fear, and Its Effect on the Economy

    The technology that transmits odors and fragrances digitally is still in the very early stages of development. But on Monday, Oct. 6, the whiff of fear emanating from the television was overwhelming. James Cramer, CNBC star, ex-hedge-fund manager, mascot of the 1990s tech boom and the recent bull market, was throwing up his hands. "There's always a bull market somewhere" has long been one of his signature lines. But Cramer admitted to the "Today" show's Ann Curry that "somewhere" was now nowhere to be found. "Whatever money you may need for the next five years, please take it out of the stock market right now, this week," he pleaded. "I do not believe that you should risk those assets in the stock markets." (Article continued below...)In the ensuing days, many investors—professional and amateur alike—took Cramer's advice. As a series of global convulsions shook markets from New York to Tokyo, and all points in between, thestock markets plummeted, with the S&P ending the week...