"Banks and card companies are bracing for a wave of defaults on credit card debt in early 2009, and they are vying with each other to get paid first. Besides, the sooner people get their financial houses in order, the sooner they can start borrowing again." More here.
CREDIT CARD DEBT....This issue is hardly discussed right now. The American media is too busy fretting over a 4.9 percent decline in holiday sales. As people lose their jobs, they struggle to pay bills. Unemployment insurance hardly covers a $100K (US) lifestyle. I am worried about a wave of credit card defaults that could drive down more banks. The U.S. Federal Reserve has used all their ammo to jump start the economy.
Steve, whilst I cannot disagree with your thoughts on situational leaders, to allow that, don't you need a strong, secure, inspirational leader who can inspire, encourage and allow others to lead. There are always informal leaders around any place, however without the encouragement and recognition from THE leaders the situational leaders will disappear, either going somewhere where they will be recognised, or simple stop contributing as the efforts could seem fruitless. Is a company's culture a reflection upon the leadership of the company or the managements?
Spoke with a Wall Street M&A banker last night. His view is that things could begin to improve by July or August. Still, no one knows for sure and his comments were based on a belief that the U.S. economy has probably been in a recession for the better part of a year and that the normal uptick is usually 15-18 months for a bad one.