Memo To Rich Guys In Davos

This column was written by CBS News Early Show co-anchor Harry Smith.

Every year about this time, the biggest names in global business gather in Davos, Switzerland to chat about the world economy.

I'm sure there will be all kinds of public pronouncements but I'd love to know what the participants of the World Economic Forum really think. What they say after the second glass of wine.

The important world stock markets hemorrhaged trillions of dollars in value over the last couple of weeks. Even super rich business people feel the impact of that, though I doubt many decided to fly in commercially instead of on their private jets. I guess this is just how business works.

Every decade or so there is a cataclysmic drop and then there is a painful recovery. People lose jobs. Markets tighten up. Tax revenues go down…And then, gradually, another false prosperity runs away with everyone's imagination.

This time the housing bubble burst. Ten years ago it was the dot coms.

Rich guys in Davos: if you know what's going to happen next, feel free to fill us in.

Harry's daily commentary can be heard on many CBS Radio News affiliates across the country.
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