Monday, 17 March 2008
The FT today reports that markets are in shock decline after the news that major bank Bear Stearns was bought for just $2 a share. They also carry a piece by Alan Greenspan (former US treasury head) saying that "The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the second world war."
Quite a good day not to work in banking, but also not entirely a great day for anybody else's pension, job security, families, communities and general peace of mind. And you didn't necessarily have to be a greek tragedian to see this coming.
Let's hope that there is a chance in here somewhere for wholesale reform of capitalism. A briliant starting point is the ideas in this book
I never got time to finish it over Christmas but the way these crashes go (eg my experience of 2001/2) there's quite a good chance us consultants may have a little more time on our hands. There are excerpts on Peter's website too :J