Day: April 29, 2019

A Crisis Is A Terrible Thing to Waste

A bad report from the doctor.  An unexpected shift downward in job prospects.  A jarring call in the middle of the night.  An unwelcomed story on the front page of the New York Times. Each is a crisis. Crises are inevitable. How we respond says a great deal about our courage and fortitude.  It was Stanford economist Paul Romer who coined the famous soundbite, “A crisis is a terrible thing to waste.”  Others have used similar language, including former Intel CEO and Chairman Andrew Grove.  When speaking of his company’s Pentium Processor flaw in 1994, Grove said, “Bad companies are destroyed by crisis, Good companies survive them, Great companies are improved by them.” In a recent Politics and Prose presentation, Reed Hundt—author of A Crisis Wasted* and former chairman of the Federal Communications Commission—discussed the global financial meltdown and Great Recession of 2008-2009.  While his new book studies the courage and fortitude of those addressing this financial crisis, Hundt goes further to describe key elements in responding effectively to moments of upheaval. First, correct diagnosis of …