The sky is not falling

Peggy Noonan’s universe is coming to an end.  Well, that’s what we’re led to believe if we take her latest WSJ column at face value.  The column is 1200 words of anecdotes from people she knows, in and out of the halls of power in New York and Washington, telling her that Something is Wrong.  People are buying guns and antidepressants and withdrawing all their money from the bank and looking for rural real estate on which to “grow things.”  It feels like 1930.

I respectfully disagree.  Not that Something is Wrong; there is definitely something wrong, but it’s with the media, not the people.  I know I’m using a broad brush by referring to the media, which includes everyone from the hysterical Jim Cramer to the phlegmatic Ms. Noonan.  But the thread they have in common is to insinuate that there is some fundamental change in the way Americans view life, six months into the financial crisis and over a year into the recession. 

The facts don’t come out in the media’s favor.  Their own reports are at odds with the gloomy way they are presented.  8% unemployment!  Ford workers losing their Easter Monday holiday in labor concessions!  401K matches being suspended!  Help! The sky is falling!  8% unemployment (and even 10+% in Michigan and California) is no picnic, but that still means 90-92% of Americans who want a job have one.  Easter Monday?  For crying out loud.  I didn’t even know this was a holiday anywhere, and I work at a bank. 

On the subject of banks, I can state confidently that populist congressional representatives grilling bank executives about “failures” to disperse TARP funds is all politicking.  Banks are lending; people are taking their money out of risky investment vehicles and placing it in FDIC-insured savings accounts, not under the mattress as Ms. Noonan would lead us to believe.  The reason constituents are complaining to congress is because non-bank lenders are out in the cold, and banks and non-banks alike are now somewhat more selective to whom they extend credit (i.e., something more than a name and a pulse is now required, as opposed to, say, mid-2005).  Personal savings rates are up.  This is good stuff.  Would these mournful journalists have us leap back into the Madoff-esque investments and 80:20 piggyback mortgages they’ve been decrying for the past year?

I didn’t think so.

Of course, the “media” is also mourning the failures of daily newspapers across the nation, and zeroing in on TV and cable executives who are fighting the migration to the Internet (and subsequent reduced revenue) of their broadcast cash cows.  From a  consumer perspective, innovation is working its magic.  Printed papers will eventually go the way of the telegraph, and TV content will eventually be on-demand and consumer-driven.  Innovate or die, folks.

All of this makes little difference to the 90+% of American workers who get up and go to the job every day.  Most people are worried about retirement, healthcare, college for the kids, and so forth, but that’s not new.  One of my colleagues got it about right the other day when he said that the “recovery” will take place when we stop complaining how bad things are, dust ourselves off and get to work fixing the problems.  Journalists take note. 

An update on social networking futility

About a year ago, I posted about how I was being bombarded with invitations from people on one social networking site (the only one I use) to connect with them on other social networking sites. I still get these invitations to new communities on a regular basis, which astounds me. Perhaps some entrepreneur is making bank building social networking platforms that entrepreneurs will use to attract people who want to build social networks. I would have predicted a sooner arrival at social networking entropy outside the big 3-4 sites, but I guess there’s always another sucker. Except in the current residential real estate market.

In addition to these “Join me on [community name]!” messages, I’m seeing a few new types of messages that have increased in frequency as the economy has worsened. One of these is the “Status Update” message from someone in the far reaches of my network; a friend of a friend, or a former prospect (who never bought anything), or someone else I dimly remember (maybe) from a business lunch in 2005. The “Status Update” is typically a long, rambling affair that begins cheerily with a couple of anecdotes about ice fishing, the Longhorns, or some other equally useless topic, then gets down to business:

“The past few months have been a tremendously challenging time. Like many of you, I’ve recently had to readjust my priorities and my approach to success.”

Translation: “I’ve lost my job.”

The “Update” continues with more Tony Robbins-esque euphemisms, such as:

“Of course, the Chinese terms for ‘crisis’ and ‘opportunity’ are the same, and we need to look at this time as a true opportunity to grow and develop what matters to us most. For me, this has been a great chance to connect with what matters to me most as I seek the most effective way to prepare for the future.”

Translation: “I’ve really been enjoying the ice fishing this winter.”

After a few more motivational cliches, the “Update” turns into the “Appeal for Help” – but only in such an oblique way as to protect the author’s dignity:

“As many of you know, I’ve dedicated the last two decades of my career to delivering the highest levels of client service in hip replacement prosthetics sales in the Pacific Northwest region. With the recent unfortunate events in the financial sector, my former employer, Sawbones Inc, has been unable to secure 27th-round venture capital funding, which would of have put us on the road to profitability well before our target of FY2017. This being the case, I have seized the bull by the horns and started my own direct-sales business in the emerging field of nutritional supplements. Being my own boss is tremendously rewarding, but it also takes A LOT of work, which is why I need your help.”

…And here comes the pitch:

“You have a HUGE network of potential clients, sitting right in your inbox! If, like me, you see the sign for opportunity in this economy, to fire your boss and make thousands along the way, give me a call! We can combine our networks to become even stronger in this crazy economy. Together we can take the nutritional supplements business by storm!”

Translation: “Send me your contacts list so I can grow my downlines.” -or- “Together we will rule the universe as father and son!”

The ending of the “Status Update” varies, of course; they’re not all deceptive pyramid schemes. Some of them just ask outright for a job. Don’t get me wrong on this issue: I’ve recently been helping a number of friends and neighbors in their job search efforts, as I’ve been working as an employment specialist at Church. I’m a firm believer in the power of personal networking in finding the right job. But the power of personal networking is in the “personal” aspect; these spams from characters who offer nothing in return for their petitions don’t grasp the essential, reciprocal nature of an effective network.

So, should social networking sites be used for job networking? Absolutely. Is a form letter to a zillion people the right way to go about it? Absolutely not. In a job search, you will most definitely be sending unsolicited messages to former colleagues or clients, but to really get their attention, you should offer something in return: lunch, a discussion about product development, perspective from one of your recent consulting gigs in the field, etc. If you don’t have anything to offer, keep your message succinct and to the point. Nobody appreciates wading through paragraphs of drivel to find a poorly-worded pitch buried at the end. Even the rabid ice fishermen in our midst.