You've talked in the past about how an "emotional recession" can be as dangerous as an actual recession. What do you mean by that?
The more we talk about a recession, the more we talk ourselves into negative performance. Warren Buffett said the other day, "Well it looks like we're in a recession." If we hear that so much in the media, it becomes real to us. And then we start taking action based on what we believe is reality. I've asked a lot of experts this question in the last three months. Is it possible that we could talk ourselves into one? More and more financial experts are saying, "Yes, that's quite possible." To me, if your sales are off 5 to 10 percent, that's not a recession—that's an adjustment. If your customers are not running for the hills, there may be a recession next door, but it doesn't mean you're in a recession. When you see a glimmer of new activity, you've got to take advantage of it. What happens is that we start operating with a recessionary mentality. When we do that, we're behind the curve when the economy turns. I believe small businesses will lead this country out of what we're in right now. They've got to be ready to do that.
Why do you believe that?
No. 1, we're more nimble. No. 2, we're not beholden to Wall Street, and this is one time that that's an advantage, not to be beholden to Wall Street. Small companies can't go to Wall Street for capital. That's a disadvantage when things are good. But we're not beholden to the stock price. We're going to make aggressive entrepreneurial decisions. Hang the analysts!
