Economic hysteria

If I mentioned the names of the corporations you would wonder what is going on.  I've had three meals, in one week, with business consultants to major corporations headquartered in the U.S., Germany and Japan. Major.

Their clients are using the current politico-econo period to lay off tens of thousands of employees while their real net earnings are climbing.  This is the perfect time to cut back on 'deadwood' employees who can't use the Internet, don't show any promise or are in parts of the industry that are declining and outmoded.

You should wonder.

Not to my surprise (to my concurrence) my meal time guests say the current 'depression' that politico's and journalists are hysterical about is a minor recession. These consultants are people who see the world from commanding heights. 

Of course unemployment is growing and will be high for another year.  Major shifts have occurred in the economy, which I will write about next week. Dramatic shifts in business displace capital, workers and are an integral part of the creative/destruction of commerce.