Last Updated Oct 14, 2008 4:34 PM EDT
I like Pfeffer's column for the purely selfish reason that I think it agrees with my perspective, that Paulson and Bernanke had started to reverse the information cascade that was causing the meltdown.
But much of Pfeffer's post is stingingly obvious: good organizations with good balance sheets will ride out the current economic crisis. It can even be a good time to start a business. Of course hard times don't kill all businesses, and some businesses even thrive when the chips are down. And he's right that consistent management really helps -- though his shots at General Motors for being manic are not totally fair. I'm no fan of Big Three management, but let's face it: U.S. automakers were built for a different era and to a very real extent are trapped by their past.
Let me give Pfeffer credit for reminding us not to lose our heads, though he wouldn't be the first. I personally hope Pfeffer's right about the recession missing us. Like him, I am also not an economic forecaster, but I don't see recession missing us (take heart: I thought the housing market would collapse in 2001). I'm just hoping that the credit markets loosen up enough for us to have a nice, normal recession. In any case, most people who read his post either already knew that good management was a useful thing, or are hoping like hell he's right about the recession, so they can veer sharply back towards a more prudent management style.