My Mother once told me that my Grandmother (Ma Beck as she was affectionately known) often referred to Herbert Hoover's depression era government as Dem Hoovy Days. The present day parallels to the economic turmoil of the 30's are frightening, but I'm definitely praying that eerie symmetry is short-lived. As we head into another uncertain week, corporations and individuals alike are bracing for the impact of an extended period of bloodletting, fearful and uncertain about where the proverbial 'Ax' will next cleave its sharp and expurgatory blade - OK, OK...clearly I'm going for the dramatic effect here (I haven't had much time to write creatively or work on my SFM Revisions of late), but you get my point: It's really bad out here. I'm remote this week, so I can't say firsthand whether the satellite trucks and TV Vans are currently clogging the corner of Broadway and Wall, but if history is to serve as a guidepost, my bet is that they are - or soon will be.
With the persistent wave of increasing layoffs, squabbling in DC over Obama's Stimulus Plan and recently announced limits on Bailout Funded Executive Pay, I suspect the foot traffic over to Starbucks and Mangia will be thick with reporters, camera crews and hundreds of feet worth of sheathed cable (not to mention the tourists who stand dead-still in the middle of all that mess, snapping photos of surly faced traders nurturing their nicotine habits outside the entrance to the exchange). Of all the Banks struggling out there right now, Yankee Bwoy's current client is doing relatively well - still, they sent out a recent round of pink slips that affected 4 to 10 % of their permanent staff, cutting across all departments; so it's clear that even the healthy companies are preparing for a season of pruning. Said Client's Stock price did experience a positive bounce over the past week, but still...
Let's hope our current recess doesn't slip into the type of severe, economic contraction not seen in this country since Ma Beck and her Sharecropper contemporaries bravely endured the hardships of dem Hoovy Days.
