Its springtime in New England and signs of emerging life are everywhere. Tree branch tips are bright red in the morning sun and bulbs have pushed their green shoots from cool ground. The daffodils are blooming and the crocuses have already passed their prime. Still, it was just above freezing last week and the squirrels are looking pretty thin after a long cold dark winter. The analogies for the economy are striking. The stock market rallied, financial institutions reported unexpected profits, consumer confidence improved, and other leading indicators rose. Still, we are a long way from full recovery. Clearly there is much to be hopeful about even as institutions continue to shed jobs or fail. Good farmers know the right time to plow and plant. So too must the good manager know when to make changes in their business.

Stock analysts point to price earnings ratios and healthy balance sheets of many firms to try to reason that the bottom has been hit. I suggest that the turn in the markets derives more from the attitudes of the masses and their need for a feeling that something has changed to make markets more trustworthy. There is a cry for justice and punishment. On March 9th, 2009 the Dow Jones Industrial dropped to 6547, a level not seen since the end of 1996. On March 12th Bernie Madoff pled guilty to 11 felony charges. Images of