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Dusenberry Cites 'Fickle Dow, Queasy Market, Boom Gone Bust'

April 20, 2001

NAPLES, Fla. (AdAge.com) -- BBDO North American Chairman Phil Dusenberry ended his 12-month term as AAAA's chairman with a nod to the economic tide

Philip Dusenberry: 'Fear is the mad cow disease of Wall Street.'
that ebbed over the past year.

"From the breathtaking ride of the dot-coms to a stock market that seemed to have no ceiling in sight, we woke up to the cold realization of the real 'new economy' -- the economy of smaller paychecks, increasing layoffs, a fickle dow, a queasy market, a boom gone bust."

'Deeply fearful'
He added, "Today, of course, the whole country of ours is deeply fearful about an economy that inexplicably stopped booming, and fear, as we know, is the mad cow disease of Wall Street."

Mr. Dusenberry expressed concern that recent good economic times have left the industry ill-equipped to deal

with the downturn. "I ask myself, is advertising in shape these days to sell the way it ought to or have the good times made us soft and self-satisfied and more concerned with entertaining than with pushing the brands that pay the bills?"

He concluded by challenging the industry to do its part to reinvigorate the softened economy.

"Each of us in this business has a very unique and very special power to advertise our way out of these economic doldrums."

-- Laura Petrecca, Laura Hughes and Scott Donaton

Copyright April 2001, Crain Communications Inc.

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