We all knew it was coming. This ‘downturn’.
The government, the opposition, the pundits…even the Tweeters said it. Repeatedly.
We braced ourselves as though for a Tsunami.
We cringed at the figures as they were bandied about:
Half a million jobs lost, three trillion dollars of debt, 20% capital loses.
Our vocabularies grew: Asset Backed Commercial Paper, Foreclosure, Debt,
Underwater Mortgages, Ponzi Schemes, Stagflation, Bailouts, Stimulus Plans.
CEOs went from being visionaries to being considered white collar criminals.
Private Equity and Hedge Funds became dirty words.
The gloom spread, belts were tightened, dollars were saved.
Then it hit us:
“Going broke and being broke sucks, but getting here sure was interesting!”
“When will the good times be back?”
The downturn is boring.