As I mentioned in an earlier blog entry, last week I attended the KPMG Roundtable on Risk Assessment for Audit Committees. One of the most interesting sessions of the meeting came when the presenters wanted to know what positions those in attendence held. The group was composed of 13 audit committee members; 34 audit committee chairs; 9 directors not on the audit committee; 19 members of management; and 26 other attendees. Most were members of private industry and I was the only elected official and a chair of a city audit committee present.
They presenters then asked the attendees: "When will the U. S. economy return to the pre-crisis growth in terms of investment, employment and productivity?"
The answers by the attendees were very interesting and I pass them along to you to compare with your prediction of when the economy will return to "pre-crisis growth."
Only 2 people of the 101 in attendance answered: within one year.
8 ventured a guess: within two years.
56 answered: within three to four years. This was over 50% of those in attendance.
19 said: within five to six years.
15 said "will not return to pre-crisis growth for foreseeable future.
These pessimistic predictions should give us all concern that the vast majority of those on local Denver and Colorado corporate audit committee members, audit committee chairs and others in attendance facing the risks of a risky economy believed we are in trouble for the long haul on the economic recovery. These predictions do not mesh with the rosy pictures painted by some in Washington. Where is Nostradamus now that we really need him?