While economists and politicians may think Fed cuts and legislation can prevent a recession, the boss men at big multinationals have already prepared for the worst.
A survey by Financial Executives International quoted in the FT shows "in the last quarter of 2007, CFOs’ economic optimism touched its lowest level since June 2004, when the survey was first carried out, and recorded a 10 per cent fall over the previous three months."
When large companies batten down hatches for a recession, it makes the downturn worse. Management cuts capex, R&D, and jobs. Wages get frozen and business travel gets locked down. Suppliers get squeezed and borrowing for long-term projects dries up. All that means that the ripples hit a lot of other businesses and consumers. Tax collections at the local and state government level fall apart.
As Humphrey Bogart said in "The Maltese Falcon" , "You’ll take it when you’re slapped and you’ll like it, too".
Douglas A. McIntyre
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