"Preparing for a Slump in Earnings" is a new article from the McKinsey Quarterly. The authors estimate the corporate earnings could fall 20 to 40 percent this year. The offer some suggestions for corporate executives preparing for a downturn. These include both contingency planning for the downturn, and being prepared to take advantage of the slowdown to "hire talent, to continue spending on long-term strategic initiatives, and to target acquisitions." Good points, similar to what I wrote in Businomics.
