In July, apparently in an effort to demonstrate decisiveness, Carter asked his entire cabinet to resign, then reappointed most of them. The mandatory resignations extended down to the deputy assistant secretary levels and so involved hundreds of officials, suspending major policy-related activities for weeks.
The burst of startup activity was also driven by demographics. I belonged to the senior management group of a large bank in the early 1980s. Almost all of us were in our early forties. We supervised hundreds and hundreds of ambitious thirtysomething baby boomers facing promotion channels that were hopelessly clogged. The big companies that were our customers all had the same problem, and most of them were downsizing, to boot. Of course ...