If you're nostalgic for the heady days of the 1990s, this really is your time. The Dow Jones is now at it's lowest level since 1997. Last time it was below 7000, Princess Diana was still alive, Chumbawumba still seemed like a fun song and I was still wearing a school uniform*.
We could go into a detailed analysis of why this is happening, or alternatively just blame AIG. American Insurance Group reported the largest quarterly loss in U.S. corporate history, despite receiving $150 billion as part of the corporate bailout.
Who the hell is the CEO at AIG, and can I have their job? I've absolutely no experience in insurance or managing anything more serious that asking the juniors to help with my paperwork. But I'm sure I could lose $62 billion in three months. Heck, I could even lose it in a more fun way. There are 116,000 AIG employees worldwide, so that's over $50,000 each for them all to take luxury vacations.
Maybe it is time to look at how CEOs are nurtured and rise through the ranks. Something has gone very wrong. Maybe we could try elevating ordinary workers to senior corporate positions, a six month trial perhaps. Us schlubs could hardly do worse than what we have at the moment.
* For practical purposes not titillation.