Last year, as we moved into March 2007, there was a decided spring and great momentum in our steps. Not so in the first quarter of 2008. Our stride has become more tentative, and with good reason.
The financial world is still reeling from the aftershocks of last summer’s subprime crisis. Banks have reported staggering losses exceeding $133 billion from mortgage related structured investments, and more write downs are expected to occur. Layoffs have resulted at many financial institutions, and the CEO’s have stepped down at Bear Stearns, Merrill Lynch, and Citigroup.