Maybe the Sky isn’t Falling

Posted by Peter Knapp on 10/10/08 1:33 pm

These are painful times for our clients and our firm.  I haven’t spoken to anyone here who is sleeping well.  Worry about our clients and our own futures keeps us up at night.  We are in the financial industry, where the pain is prodigious.  However, 94% of Americans are in non-financial industries and while their financial assets are being devastated, at least one University of Chicago economic expert thinks they should be just fine because the credit crises really won’t affect them very much.  This sounds flippant and out of touch at first. However, the fact that the financial industry has a long history of sometimes violent volatility without impacting the rest of the economy lends credence to the thesis.  For this somewhat calming and positive viewpoint, read more.

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