US companies had no plan for the downturn?


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Alistair Milne, a professor at the City University of London’s Cass Business School deserves gets my nomination for Cassandra of the year award.

I saw a report on BNET this morning that “1/3 of US companies had no plan for the downturn”.

In Israel it’s more like 99% of companies and 100% of the government (Tzipi Livni is still clueless that anything is going on the world financial markets and Ehud Olmert and Ehud Barak have already taken profits and deposited them in an off-shore account).

A year ago I blogged about the upcoming recession – :

American Economic Association’s two-day annual meeting in New Orleans spoke of a recession as almost a given but differed over how severe it will be. Alistair Milne, a professor at the City University of London’s Cass Business School, said he’s expecting “a really weak year,” he said, the US economy won’t likely get back on track until 2010 and will require more capital from overseas.

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