I ran into the CEO of NetJets, William Kelly, at the World Economic Forum and he told me that companies are trying to sell their $50 million jet planes for as low as $30 million—and can’t find buyers. Many are simply moth-balling their jets.
You hear the expression “on hold” everywhere at sessions. Projects and investments are on hold. It feels as if the global economy was “on hold.” This a year into the financial crisis that became an economic crisis. Will it evolve into a political crisis?