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According to some observers, we are in the midst of the worst financial crisis since the market crash of the 1920s.
As we sit and watch the demise of Lehman Brothers and the sell-off of Merrill Lynch, this is cause for serious concern. And, we have likely not seen the end yet. I personally believe we are just beyond the middle of what is to come.
We are likely to see some small rallies, followed by a prolonged downturn in the markets. On what authority do I postulate this thesis? Well, it is just my gut feeling – but I am usually pretty good on instinct (except for the investments I made pre 2001 – come on, everyone got hosed in that market!) And, I’ve been listening to a lot smart folks who avoided getting caught up in the mess in the first place.
Anyhow, one of the better takeaways I read recently is from Bill Taylor, Fast Company, co-author of Mavericks At Work (with Polly LaBarre) who wrote an excellent piece today titled “Why Smart People Do Dumb Things— Personal Lessons from the Financial Meltdown”
The lessons Bill writes about are not just for Wall Street and Bay Street types. Marketers are wise to take a quick read about what is to be learned from the current crisis. Is it common sense? Well, common sense is not so common (Voltaire)
Hat tip to Keith Ferrazzi.