“The End is Not Here” — Jack and Suzy Welch in BusinessWeek

October 27th, 2008 at 05:11pm Linda Grist Cunningham

I’m a long-time reader of BusinessWeek Magazine because it combines business, financial and economic coverage in the context of politics and people. I read it cover to cover, which is how I happened on this week’s column by the Welches of General Electric fame, fortune, misforture and notoriety. The two always have pointed insights; the Nov. 3 issue was no exception. I’ve posted the tearsheet on the bulletin board, and here are some worthy excerpts from their answers to this question: How does today’s financial crisis compare with the beginning of the Great Depression and the 1930s?:

“…the current crisis is dire and will certainly worsen … we don’t see a second Great Depression looming… To repeat: We know that real pain lies ahead. But we believe that when the pain eases, and it will, the global economy will be stronger and sounder than ever. We just have to get there — and we will — provided we stop fixating on, well, the exact question you pose … we appreciate the chance to counter some financial journalists and all-purpose pundits who, like weather forecasters in a hurricane, are becoming giddy as they describe the ’storm’ of their careers….”

“… (we) should stop looking back in search of the future. It’s counterproductive, if not dangerous. To get through this crisis, leaders need to talk about reasons for confidence … as daunting as the downturn is sure to be, it will also create vast opportunity ….”

“Look, we are not Pollyannas. It’s human to view your own difficulties as ‘the worst of times.’ But this painful but necessary correction will result in a healthier, deleveraged  society with a renewed focus on productivity, innovation and better governance. The end is not here. A new beginning awaits.”

Amen — and pretty much what editor Annette LaCross has been writing in her columns on Sunday and in BusinessRockford.com Magazine. Words to take heart from.

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