Machinists international president Tom Buffenbarger wasn’t the only one to make remarks at this morning’s general session that kicked off the opening of the National Business Aviation Association convention.
Forbes publisher and business airplane owner Rich Karlgaard was one of the keynote speakers.
In September 2008, “the economy went off a cliff,” Karlgaard said. He compared this recession to one during the 1973-1974 time frame.
The stock market drop, unemployment rates and “ill mood” was the same back then, he said.
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The 1970s had been the worst economic decade since the 1930s.
But there are reasons for optimism.
During the 1970s, many entrepreneurs started successful businesses: Federal Express, Southwest Airlines, Oracle and Apple. Charles Schwab was getting started and Intel invented the microprocessor.
This kind of a recession also clears out things that don’t work, he said.
“When the market drops, the tide goes out and we find out who’s been swimming without clothes,” he said. The market discovers who’s business plans don’t really work.