Monday, July 26, 2010

Quote of the Day

From The Awl, via Ezra (emphasis mine):

There's a thread that runs through most of the calls I listen to: Demand is weak; we are responding by cutting the fat and becoming leaner and meaner; when demand picks up, we'll be in good shape.
[...]
Most CEOs and CFOs on earnings calls are not taking the big-picture view. They're focused on the details of their own particular business. Still, I often ask myself if they see the connection that's staring you right in the face: when is "the consumer" going to start spending again? Well, maybe when you stop firing him.

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