“In truth, Wall Street is in for a radical makeover. Fewer people, lower margins, lower risk, lower compensation — and ultimately, fewer talented people.”
The Bonfire of the Vanities, the Sequel by Andrew Ross Sorkin
i agree with him and would add that it’s not just wall street. it’s all industries. it’s all breaking apart, spreading out. this isn’t necessairly a bad thing. it’s just different. for the past 150 years we’ve built up, up up. now it’s time to look inward and move out, out, out. around and across. across oceans, across regions, across what we thought were divisions but maybe needn’t be.
4 responses so far ↓
John in IL // June 25, 2008 at 4:48 am
Creative destruction at its best.
colio2007 // June 25, 2008 at 7:03 am
totes! “out of destruction a new spirit of creativity arises”
superdave524 // June 25, 2008 at 3:52 pm
I liked Alan Greenspan’s take on creative destruction. Course, though creative destruction will generally ultimately cause good things to happen, we need to be mindful of the pain that it causes in the interim. People who lose superfluous jobs are still out of a job.
John in IL // June 25, 2008 at 5:43 pm
and are now free to do something more productive with their lives.
I always think of Mother, who would have spent her life working here had it not been creative destruction. Instead, she was forced to educate herself which resulted in her having a rewarding (both financially and emotionally) career.