“It looks like the financial sector as a whole will see a big decline in profits, and the only time this happened in the last 100 years — financial firms’ going from making good profits to negative profits — was the Depression in the 1930s,” said Richard Sylla, a professor of financial history at New York University. “I don’t think it will be as bad this time; the Federal Reserve is fighting the problem as hard as it can.”Yeah, they've shown such ontopofitness, sticktuitiveness and cluefulness to date that we needn't worry about a thing. Every little thing is going to be all right.
Wednesday, January 16, 2008
Link from Slate: