In case you haven’t noticed, a lot of old timers have been relating today’s economic troubles to those they experienced in what is now referred to as “The Great Depression.” There’s no doubt about it, the economy is in need of critical care right now. Today’s stunning announcements about the bankruptcy filing by Lehman Brothers and the takeover of Merrill Lynch by Bank of America isn’t very good news - especially since it comes on the heels of the government takeover of Freddy Mac and Fannie Mae.
I’ve been speaking with many business owners (both brick-and-mortar and online) and almost all have experienced a reduction in sales. Talk to a car dealer and see how he’s doing. Stop into your local fine-dining establishment and count the number of empty tables. (Actually, restaurants are a fairly accurate gauge of the economy - when they’re slow, so is the economy, as dining out is one of the first things people cut when trying to save money.)
You know things are bad when airlines take away the peanuts, start charging two-bucks for a can of Coke and cut so many flights that it’s quicker to drive to the other side of the state than fly. But where and when will it end? Are we experiencing another “Great Depression?” And will new leadership in January see the economy rebound? These, my friends, are questions to ponder as we chug away doing what we do best day in and day out…. work to put bread on the table.
Posted by Scott Sanfilippo on Sep 16, 2008
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.