"Forty percent of the world's wealth was destroyed in last five quarters. It is an almost incomprehensible number," said Stephen Schwarzman, chairman of the leading private equity company Blackstone Group.
Hopes for a short "V"-shaped recession appear to have evaporated with most business leaders expecting no more than a slow and gradual recovery over the next three years.
Even this gloomy picture -- with confidence the lowest in the survey's seven-year history -- may be over-optimistic, given a slew of bad news since it was completed in early December.
So this is supposed to be a 'happy' time for most CEO's and government leaders at Davos. in the past it has been more of a party then a serious conference. It appears that cold water has been thrown on everyone.
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