Crash Landing : The Inside Story Of How The World’s Biggest Companies Survived An Economy On The Brink by Liz Hoffman

A kaleidoscopic account of the financial upheaval caused by the pandemic is presented in this book, unveiling the fear, determination, and risky decisions that shaped the fortunes of both winners and losers in the economy. Regarded as a true masterpiece, the book offers perceptive insights, extensive research, and captivating storytelling. It emerged as the ultimate challenge for CEOs, catching most of them off guard. In early March 2020, when the Dow Jones was nearing 30,000, major companies were basking in an eleven-year economic boom. However, by the end of the month, millions were unemployed, iconic firms desperately sought bailouts, and countless small businesses faced freefall. The unforeseen circumstances rendered slick consultancy teams and privileged connections powerless. Business leaders found themselves stumbling in the dark, abandoning long-term strategies and making impromptu decisions, hopeful that they might salvage their companies.

In her book, Crash Landing, award-winning business journalist Liz Hoffman sheds light on how the pandemic served as the catalyst for an already volatile economic environment. Following the global financial crisis in 2008, corporate executives prioritized easy access to debt and relentless growth. Meanwhile, wages stagnated, and numerous individuals were forced into the gig economy. Companies crammed employees into workspaces, resembling crowded airplanes. The pursuit of efficiency became Wall Street’s focus, overshadowing the collateral damage and risks incurred along the way.

Crash Landing paints a vivid picture of this extraordinary period in economic history, delving into the inner workings of some of the world’s largest and most renowned companies. Through immersive reporting, readers witness how CEOs grappled with an economic catastrophe for which there was no playbook. Among these leaders were Brian Chesky of Airbnb, blindsided by a virus that struck just as his company aimed to go public; Doug Parker of American Airlines, shuttling between K Street and the White House to secure a multibillion-dollar bailout; and Jim Hackett of Ford, transforming assembly lines from manufacturing cars to producing ventilators.

Comparable to renowned works such as Too Big to Fail and The Big Short, Crash Landing unveils the fear, tenacity, and risky moves that shaped the pandemic economy. Moreover, it contemplates the implications for the future of work, corporate leadership, and capitalism itself. Will this remarkable period foster newfound resilience or become an expensive mistake destined to be forgotten?

Surviving the Pandemic: Inside Stories of Companies on the Brink

It has been three years since CEOs first faced the challenge of the Covid-19 pandemic. “Crash Landing: The Inside Story of How the World’s Biggest Companies Survived an Economy on the Brink” is a new book that explores how this crisis transformed leadership. The author, Liz Hoffman, shares her insights in a recent interview on CNBC.

When asked about the daunting task of interviewing 500 S&P CEOs, Hoffman explains that she wanted to capture the breadth of the economy. Each company faced unique challenges, such as airlines scrambling to stay on the air by implementing iPads in their homes. Hilton and Airbnb represented the disruption in the hospitality industry, while Ford had to pivot from an existential threat to producing ventilators and masks.

Surprisingly, the story of the pandemic’s impact on the economy went beyond just the financial sector. Technology experienced unprecedented growth, equivalent to five years in just a year and a half. While no one predicted these outcomes, Hoffman draws a parallel to the 9/11 crisis. However, the pandemic brought fear and the fundamental shock of 2008 together in a way we have never seen before.

The global and interconnected nature of the modern economy, combined with its fragility and speed, meant that there was no playbook for this crisis. However, governments’ response was commendable. They acted swiftly in 2020, unlike the prolonged response to the 2008 crisis. This silver lining shows that we are improving our ability to handle such challenges.