I think that’s what’s going on in some places. And the message that it can’t go on is that highly committed people who were willing to take on 10% or 20% more work just quit when it gets to 30% or 40%, leaving behind those who can’t find another job.

It takes a while for that to show up on income statements though, and the quarterly results look great in the meantime, so it is by definition good management (by Wall Street standards).