Earnings are soft, especially in technology. Wealthy nations are reeling. The relatively easy wealth of the 1990s is fading. Corruption and weak leadership are evident at every level, even giants like Ford, Mitsubishi and Daewoo. The mergers by which failing companies tried to rescue their fortunes aren't working.
Inflation seems poised to spiral, as consumers flash credit cards to sustain habits of spending.
Easy prosperity is a poor teacher. That vein is dry. Banks grew by acquisition, but that vein is dry. Automakers got rich by selling high-margin cars the size of trucks, but oil prices are spiking. Young adults are eager to join the gravy train, but their skills aren't sharp enough for real competition.