[PEN-L:4588] Mexico: Malkiel's fault

[dhenwood@xxxxxxxxx (Doug Henwood)]

A subscriber of mine who covers international economics for a major
metropolitan daily told me a revealing story yesterday. Early last
December, at the now-forgotten Summit of the Americas, that she asked
Ernesto Zedillo if he was worried about the outflow of capital from Mexico
(then only a relative trickle). Zedillo replied by saying that he read
Burton Malkiel's Random Walk Down Wall Street when he was at Yale, so, no,
he wasn't worried. When she wrote this exchange up for the paper, her
editors killed it, saying it made Zedillo & Mexico look bad. His arrogance
and the capital flight were not to be reported. Less than two weeks later,
the crisis exploded.

Doug

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Doug Henwood
[dhenwood@xxxxxxxxx]
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