The Day After

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It was only a year ago that outgoing 4A’s chairman Shelley Lazarus declared, “This is as exciting a time to be in our business as any in the past 30 years.” She believed—as we all did—that we had reached a grand turning point, with a once-in-a-lifetime chance to catch the wave. She was right. We would have been ninnies to turn a blind eye to the new economy.

What a difference a year makes. We have awakened to layoffs, smaller paychecks, a plunging Dow and a queasy market—a boom gone bust.

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