Random indicators show that the economy continues to go south:
- Brandeis University recently announced that to address its deteriorating financial condition it would close its Rose Art Musuem and sell its entire collection. Howls of protest by donors, trustees, art lovers, and others caused Brandeis to step back from the edge to reexamine its plan, but the idea is still on the table.
- Larry Bodine’s Law Marketing Blog reports the following, under the headline Economic Hell Coming in 2009 for Big Law Firms: “Two leading advisors to major law firms predicted a declining demand for legal services, a 15% drop in net income from 2008, the inability to raise rates, additional layoffs, salary freezes and cost cutting, heavier fee discounting, expenses rising faster than revenues — and a long wait for better times.”
- The Wellness Community of Greater Boston, which provides support for cancer patients and their families, announced that funding problems have caused it to suspend its operations for an undetermined period.
- The Dow closed below 8,000 today.
We have not begun to comprehend the wholesale economic, political, and social transformation that unfolds daily with each layoff, business failure, and dashed dream.