I don’t want to distract from the seriousness of the events unfolding on Wall Street, but check out these headlines:
- American banks face financial meltdown if their reforms fail.
- Mortage Meltdown!
- Bloody and Bowed — Money Managers Remain Badly Shaken by the Meltdown.
- Market Cap Meltdown — Billions in Blue Chip Stock Values Have Been Blown Away.
- Congress caught in a bind over bank crisis.
- Crisis Looming As Realty Slump Becomes Global
Now consider the date these headlines appeared:
- Banks face financial meltdown if their reforms fail, The Times, December 1990
- Mortgage Meltdown, Toronto Star, December 1989
- Bloody and Bowed — Money Managers Remain Badly Shaken by the Meltdown, Barron’s – December 1987
- Market Cap Meltdown — Billions in Blue Chip Stock Values Have Been Blown Away, Barron’s, October 1987
- Congress caught in bind over bank crisis, Independent, November 1990
- Crisis Looming as Realty Slump Becomes Global, American Banker, October 1990
Maybe it’s that the news media is being environmentally responsible and is recycling news headlines?
The events as they are unfold are tragic, and there are people losing their jobs. We’ve yet to see where it will all go.
On the other hand, it needs to be put into the context of previous “meltdowns”. We’ve been here before, folks. And at the end of the day, there will still be banks, insurance companies, investment organizations, and a financial system.
I wrote about this a few months ago, and put together a “Memo to the CEO” that examined the issue of innovation. Maybe it’s a good time to resurrect for those organizations that are concentrating on getting through this mess and moving on to the next stage. As we come out of it, it will be those focused on innovating within the new marketplace who will come out on top.