Thursday, September 18, 2008

Global Hysteria 

We are in an historic period of global hysteria in the financial services business. One would have to look far back to find another time in which bank runs were as common as they are now. The trading herd is running wild and nothing central banks might do to stop it will help. The fear goes beyond the ability of investment banks to jawbone their way out of plummeting share prices.

It's amazing to watch. The entire financial services system is teetering because of a lack of credibility. I would not be surprised if these last few weeks become a case study in business schools. PR practitioners should certainly study what is happening. It validates every principle of reputation management.


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