With a nod to Douglas Adams, "Don't Panic"? was my husband's response when I told him, "You're not going to believe this WSJ headline." Instead, this morning's Journal eschewed its standard layout -- several headlines at different heights, all of more or less the same font--for a single banner screaming: "Crisis on Wall Street as Lehman Totters, Merrill Seeks Buyer, AIG Hunts for Cash."
Well, color me heartless, but there's a part of me that's enjoying this spectacle. We have drama, we have hubris laid low, we have my con law colleagues actually interested in what I do. I was welcomed into the office today with, "I should sell my stocks, right? Just tell me I should sell. I should sell and buy gold. The world is ending and that's what I should do, right?" No offense, Gordon, but your apocalyptic post, coupled with Alan Greenspan's cheery assessment, has some good public law folks headed for the hills. Don't panic, said I, basking in this unaccustomed interest in things Wall Street. Every once in a while, corporate law is cool.
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1. Posted by Gordon Smith on September 15, 2008 @ 20:42 | Permalink
Usha, You gave them exactly the right advice. It's way too late to panic. They should have been doing that at least a year ago. Now it's time to sit tight.
2. Posted by dave hoffman on September 16, 2008 @ 6:19 | Permalink
I agree that financial crises help generate buzz - - orporations last night was a hoot, and the students were very engaged.
I also agree with Gordon. It's way too late to panic.
3. Posted by Jason Kilborn on September 16, 2008 @ 7:44 | Permalink
You think Corporations class is fun right now--try Bankrutptcy in the aftermath of the biggest filing in U.S. history (over 600 billion--with a "b"--in debt)! Interesting days!
4. Posted by Lori Ringhand on September 16, 2008 @ 9:10 | Permalink
And here I thought I, as an Election Law professor, was going to have all the fun this fall.
5. Posted by Fred Tung on September 17, 2008 @ 6:45 | Permalink
Not only is it way too late to panic, but the stout-hearted may want to begin bargain hunting. Tell them that, Usha, and in 18 months they'll hail you as the Oracle of Athens!