Yes I am aware that ERE is not an economics or political website, but events are now so serious in the macroeconomic area that there is little doubt that recruiting will be impacted in the coming months and years by what is happening today.

The bailout of Bear Stearns lasted about 48 hours before taking another turn; the essential wipeout of the firm, sold to JPMorgan for maybe the value of its office furnishings. 

Nouriel Roubini has been an astute observer of the crisis- his Twelve Steps to Financial Disaster have been widely linked and discussed, and we now appear to be at Step 9.

He closes his latest post with the line:

Breaking decades-old rules and practices is a radical action that seriously requires a clear public explanation and justification.   

To which I can only ask:

Where the heck has he been for the last six years?