Lets not waste a good recession!
By dkildahl on Jun 14, 2011
"That which does not kill us, makes us stronger" - Friedrich Nietzsche. Watching the rapid onset of recession over the past 6 months would make anyone humble. Anyone would look around themselves, be apologetic about breeding a culture that needs instant gratification, instant wealth, the microwave generation. And then we would pick ourselves up by the bootstraps, tighten our belts, work hard and get ourselves into a somber but positive frame of mind, walk out of this morass.
But not so. We spend months pointing fingers at each other, someone attempts to find a solution only to get quashed by 10 others. Economists make magazine covers, not because they propose solutions, but because they tear down propositions made by others. Bankers are now the pariah. The Chinese are the ones that caused this crisis, did you not know? The fact that they suggested an alternative global reserve currency to the US dollar might have something to do with it. The sense of entitlement is strong here, we deserve the best. It is all someone else's fault.
This recession might not be a bad thing for my country. It will force us to press the reset button, force us to do what we do best - come from behind and walk alongside other leaders, bring the world out of this self created mess.
Wells Fargo reported surprisingly good earnings last week - $3B. This despite the Wachovia anchor. We were all expecting the investment banks to do well this Q, but for a retail bank to start off the earnings season with a bang was unexpected. JPMC, Citigroup, Goldman Sachs all report this week, things are looking up.
As I start this new Q with a new job, I feel energized. I sense a pervasive positive urge around me, as long as I have the right people next to me I will get the job done.