Rich Karlgaard: "It is not clear that we are in a recession" (2008)

The U.S. economy is in better shape than the pundits, polls, and press say it is. It is not clear that we are in a recession. The Fed is on the case, bargain hunters like Warren Buffett are moving in, signalling a bottom. Small business is curiously robust despite the credit crunch. Employment is still pretty strong. Every commercial flight I've been on this year has been oversold. But there is a deeper cause of economic anxiety and it is the underlying rate of economic change. That rate is accelerating. Companies that are leaders in their industries - and this applies to leaders in all industries - are falling out of leadership faster than before. New and disruptive companies are popping up everywhere, like jaguars amid elephants.

~ Rich Karlgaard, Forbes Video, September 15, 2008