Money

‘Harvey,’ Heroes and Market Bravery

I don’t like the name Harvey. And, after the events of the past week in Houston, I really don’t like the name Harvey.

Ok, if your name is Harvey, I apologize. And hey, in the interest of fairness, I do like the actor Harvey Keitel, and the tire magnate Harvey S. Firestone, Jr.

However, I really despise the devastating destruction wrought by Hurricane, and then Tropical Storm, Harvey, on the people of Houston, Southeast Texas and quite possibly Louisiana and other regions flooded by this epic storm.

Watching the heartbreaking coverage of those imperiled by the flooding, I thought of what Francis Bacon once famously wrote, “Nature, to be commanded, must be obeyed.”

And while I completely concur with this premise, sometimes Mother Nature acts so harshly that she is just the rightful subject of pure fear, and genuine awe. Such is the case over the past week, as Harvey has dumped more than 50 inches of rainfall on Houston and surrounding areas. Sadly, the devastation isn’t over yet.

The human cost from Harvey is going to be incalculable, as will be the economic cost of the storm’s damage. Certainly, the region’s economy will be hit with losses in the hundreds of billions of dollars. And for individuals, the losses will be, in many cases, total.

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