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Marine industry taken off guard? - Trade Only Today

Marine industry taken off guard?

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The state of the economy today reminds me of a frog analogy I heard years ago. If you put a frog in a pot of boiling water it will immediately jump out. But if you put a frog in water that’s room temperature and then slowly heat it up, the frog will just sit there and boil to death.It’s the same with people and the economy.
When there’s a major shock – a terrorist attack, a drastic plunge in the stock market, or an oil embargo – people immediately kick into high gear to address the crisis. It’s not always easy to weather such storms, and not everyone comes out unscathed (remember the luxury tax), but people do take action.
The problem with this latest downturn is that it came upon us so slowly that it caught a lot of people, including the marine industry, off guard. Perhaps there were some early warning signs it was coming, but because it wasn’t a crisis there was no immediate need for action.
Now the downturn is upon us – some are saying the marine industry is suffering from the biggest slowdown in almost 20 years – and people are wondering how we got here. It’s like a drought that takes years to develop; by the time you realize there’s a crisis it’s almost too late to do anything about it.

- Melanie Winters
Associate Editor

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