Crash Landing

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This account of the pandemic's financial upheaval reveals the fear, grit, and gambles that shaped the economy's winners and losers, as seen through the eyes of a leading Wall Street Journal reporter. In 2018, the CEO of American Airlines confidently stated that the company would never lose money again. However, by March 2020, the U.S. economy, once thriving with record low unemployment and a soaring Dow Jones, faced a sudden collapse, resulting in ten million job losses and iconic firms seeking bailouts. CEOs, caught off guard, abandoned long-term strategies and made hasty decisions in hopes of survival. The pandemic ignited existing vulnerabilities, stemming from a decade of cheap debt and relentless growth, while stagnant wages and the gig economy left millions struggling. Through access to influential business leaders, the narrative explores how the pandemic exposed critical pressure points within the economy. Retail bankruptcies surged, banking and pharmaceutical companies collaborated, and airlines like Delta grappled with safety versus survival. The narrative also highlights key figures like Goldman Sachs's David Solomon and American Airlines's Doug Parker, showcasing their struggles during this unprecedented crisis. Ultimately, it examines the pandemic's implications for the future of work, corporate leadership, and capitalism, questioning whether this moment will foster resilience or be forgotten as a costly mistake.