Credit Crunch And Mergers & Acquisitions

There is no doubt that credit crunch drives companies and their managements in some degree; depending on 'financial strength' and 'competitive power' in broad terms. Considering each government with public resources and world leading companies are struggling to overcome the negative impacts of global economic crisis, would it be realistic to expect a company management to overcome external shocks occurred due to credit crunch? Can any management know how deep and to which extends and/or how long time take the global economic crisis is? When would the deflation period turn into inflationary period? How technological developments, change in foreign exchange rates and competition would create threats and opportunities for the companies? At least, we expect the management would estimate all rationally, but rational estimation does not necessarily mean to a realistic one.