Most everyone has heard of Goldman Sachs, the global banking and securities firm. And by now, most have probably heard of Greg Smith, former executive director and former head of the firm’s US equity derivatives business in Europe, the Middle East, and Africa.

Among the many lessons for procurement during the last couple of years of economic troubles is the importance of checking on suppliers’ financial health. A recent study by Experian and reported on by Procurement Leaders last week shows that many companies have learned that lesson well and have cut the time it takes to pay their suppliers so the suppliers, in turn, can pay their own bills and stay in business.

The most frequently heard four-letter word in the US today is JOBS! Voters polled during this election year say jobs are their most important concern, since so many of them and their fellow citizens are out of work. The much-watched unemployment rate is at 8.5%. And so, Democrats and Republicans are offering differing approaches to bring that rate down. Insourcing manufacturing, naturally, is part of the discussion.

There must have been a lot of stiff necks on Wall Street last week as traders and business executives looked down, then up, then down again, then up again in sync with the constant rising and falling of stock prices after the Standard & Poor’s downgrading of US credit. The figurative neck-craning scene on the trading floor was a vertical version of that in a tennis match, where spectators continually turn their heads left and right to follow the volleys. So much for hopes of a clear sign from the stock market on the US economic outlook.

Unless you were vacationing on Mars this weekend and had no access to the internet, you’re probably aware that Standard & Poor’s downgraded the US credit rating from AAA to AA+. By now, on the first day of stock trading since the announcement, we have an idea of how the markets are reacting - at least initially. The more important issue, though, is how you should react. My suggestion: Take another long look at your suppliers.

A recent article in CFO Magazine reports that many US finance chiefs in the financial services sector are thinking about getting out of that profession or that industry. Among the reasons: additional regulatory pressure on the industry from the recently enacted Dodd-Frank Act, which increases regulation in the financial sector. At the same time, many companies are considering changing their leadership teams and competing for new talent, the report says.