You know, it's amazing to me the criticism this country's been getting in the foreign press for these corporate scandals.
The Financial Times writes, "another sad chapter in America's wanton excess."
A Parisian investor sniffs, "they like to tell the world how to do things, but clearly can't do it themselves."
And on and on.
Well, allow me to take a different tack: I welcome these scandals. I think the way we're publicizing them is a good thing, not a bad thing.
As Thomas Friedman writes in the New York Times this weekend, "what distinguishes America is our system's ability to consistently expose, punish, regulate and ultimately reform those excesses."
When's the last time you saw Argentina do that? Or Russia? Or Mexico? Or even France?
I'll tell you when — never! Talk about transparent!
They whack us for our corporate crimes, but say nothing of our willingness to expose those corporate crimes, warts and all.
They condemn us for CEOs who seem to have revolving doors, but don't say squat about their own case of disposable chieftains at the likes of Vivendi Universal and now Bertelsman.
They're quick to say we can't police ourselves, but make no mention of the fact our regulatory agencies uncovered the messes in the first place.
That's the price you pay for having a truly transparent system — one that exposes the good and the bad.
People knock you when you're down. But you know something, capital is a funny thing. Money likes to find a home. And warts and all, capital likes to call the U.S. home. European authorities can bash us for our sins, but European investors buy our stocks. Latin countries decry our abuses. But Latin investors seek out our markets.
We are not a perfect place, but I like to think of all the markets in the world in which you can invest we remain, by far, the best place. Not because we're afraid to talk about our warts, but precisely because we're not.
What do you think? Send your comments to: firstname.lastname@example.org. And watch Neil Cavuto's Common Sense weekdays at 4 p.m. ET on Your World w/Cavuto.