Reversal of Fortunes

“Fortune turns faster than a millwheel, and those who were yesterday at top may find themselves at bottom today.”

There is so much truth to this quote given today’s economic upheavals.  With more than a half-million jobs lost in November alone, the millwheel is turning at breakneck speed and fortunes are being crushed with it.

It is hard for me to assign the blame for the fate of companies like GM, Chrysler and Ford to any one individual as many are trying to do.  “The CEO must go!” is the popular rallying cry right now.  No doubt that executive compensation deserves a long, hard look durning these recessionary times, but no one individual is at fault for these catastrophic collapses.  Where is the call to fire the board of directors at GM?  Did they not have oversight over the decisions being made?  Are they not responsible to the shareholders?  What exactly have they been doing to earn their money??

This recession – and the projected length of it – will be the great equalizer.  Unfortunately, it will equalize things at the bottom, rather than at the top.

The economy used to operate at the speed of a millwheel – things changed relatively slowly, all things considered.  In today’s inter-connected world that operates 24/7 with the help of the ever-on Internet, the economy is no longer a millwheel.  We better get used to wild swings caused by instant access to information and reaction to cable news prognosticators clamoring for juicy headlines to boost ratings.

Strap in and hang on tight – it is going to be a wild ride.

~ by chuckmattina on December 8, 2008.

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