Can we wait until January?

Everywhere I turn are more signs the economy is going down the toilet. Today, Zoom airlines shut its doors, leaving 600 employees out of work and thousands of passengers stuck in airports in Europe and Canada. The likely reason why this airline went under? The ever rising cost of fuel has made nearly everything more expensive.

But that's not all. A report published today by the Better Business Bureau shows that Americans no longer trust businesses as much as they did seven months ago.

in 13 of 15 industries measured, with an overall composite Index decline in consumer trust of 14 percent. And nearly half (47 percent) of those surveyed say they have only “some, very little or no trust at all” in companies they do business with in everyday life.

The survey and Index, which measure consumer trust in businesses that they regularly deal with, were commissioned by BBB and conducted by Gallup. Based on its findings BBB will organize a business forum, ultimately geared toward reversing the current downward trend in trust between consumers and businesses. The BBB Forum will bring together a broad cross-section of senior leadership from across industries examined in its survey, including representation from small and medium enterprises, as well as multinational corporations doing business in North America.

It is very distressing to learn that only 33 percent or less of Americans have a ‘great deal’ or ‘quite a lot of trust’ in 11 of 15 industries measured in the survey,” said Fred T. Elsberry, President & CEO of the BBB Serving Metro Atlanta, Athens & Northeast Georgia. Trust levels have fallen 14 percent just from last fall when these measurements were begun. “This should defitinatley be a wake up call for businesses, especially in these difficult economic times. Consumers will do business with a company they trust and in turn companies of trust and ethics will be maintaining their customer base and making a profit no matter the economic situation. The link between trust and profitability is well established.

The first BBB/Gallup Trust in Business survey was conducted in September 2007; the second in April 2008. Consumers were asked to indicate their degree of trust in businesses using six categories: A Great Deal of Trust, Quite a Lot of Trust, Some Trust, Very Little Trust, No Trust or Don’t Know.

From the first to second survey, nine industries had a 10 percent or more drop in the combined “A Great Deal of Trust” and “Quite a Lot a lot of Trust” grouping, including:

• Auto Dealers : -19 percent
• Real Estate Brokers: -19 percent
• Department Stores: -16 percent
• Gas Stations: -15 percent

Another nine industries experienced a greater than 10 percent increase in the combined “Very Little Trust” and “No Trust” grouping, including:

• Home Improvement Stores: +33 percent
• Banks, financial institutions and stock brokers: +30 percent
• Department Stores: +27 percent
• Gas Stations: +27 percent

Department Stores and Gas Stations ranked in the top four in both the “Most Trusted” (dropped) and “Least Trusted” (gained) groupings. And only the Banks, Financial Institutions and Stock Brokers segment saw a greater than five percent change in the actual percentage of consumer responses in both the “Most Trusted” (dropped) and “Least Trusted” (gained) groupings.

In the opinion of this observer, we're racing toward hell in a turbo-charged handbasket, largely because of the near-criminal incompetence of George W. Bush and his corporate cronies who are happy to whistle at our plight as long as they continue to line their pockets.

Personally, I think the world would be better off if Barak Obama started running it sooner, rather than waiting until January to take charge.