Spring Break
2008 - Retrospectives - HBS & the Financial Crisis
Jack Sallay (OH), Associate Editor
Issue date: 12/8/08 Section: News
By many accounts, the economic crisis has been the defining story of the year, but for many students who are still looking for full-time and summer offers, the question still remains, "What does all of this mean for me?"
The National Bureau of Economic Research reported on December 1, 2008 that the US economy had sunk into a recession - actually a year ago, in December 2007. The news itself was not a big surprise - rather that it escaped being officially reported until now. As if on cue, that day the Dow Jones industrial average plunged nearly 680 points, or 7.7 percent. In what seems to have become a daily reassurance, Ben Bernanke said that it was "certainly feasible" that the Fed's overnight rate would drop below 1%. Henry Paulson promised to look a new ways to use the bailout money. President Bush, in the last gasps of his administration, said that he would do whatever was necessary. As if September, October and November were not devastating enough, as the New York Times put it, "December blew in with a mighty chill on Wall Street."
By many accounts, the economic crisis has been the defining story of the year - topping even that of Barak Obama's meteoric rise to the Oval Office. Here at HBS the continuing story has not been lost and the HBS administration has done its best to give students a better understanding of the underlying reasons for and consequences of the crisis - the consequences for the economy as a whole, and the job market. And of course, there have been lots of people asking the age old HBS cold call question, "What should the protagonist [student] do?"
The largest effort by the school to give students a better understanding of the current economic situation has been the Turmoil on the Street series, hosted by Carl Kester, Deputy Dean for Academic Affairs. Starting with in late September and running through the end of the year, the series has offered a wide variety of information and distinguished view points on specific topics relating to the crisis.
The National Bureau of Economic Research reported on December 1, 2008 that the US economy had sunk into a recession - actually a year ago, in December 2007. The news itself was not a big surprise - rather that it escaped being officially reported until now. As if on cue, that day the Dow Jones industrial average plunged nearly 680 points, or 7.7 percent. In what seems to have become a daily reassurance, Ben Bernanke said that it was "certainly feasible" that the Fed's overnight rate would drop below 1%. Henry Paulson promised to look a new ways to use the bailout money. President Bush, in the last gasps of his administration, said that he would do whatever was necessary. As if September, October and November were not devastating enough, as the New York Times put it, "December blew in with a mighty chill on Wall Street."
By many accounts, the economic crisis has been the defining story of the year - topping even that of Barak Obama's meteoric rise to the Oval Office. Here at HBS the continuing story has not been lost and the HBS administration has done its best to give students a better understanding of the underlying reasons for and consequences of the crisis - the consequences for the economy as a whole, and the job market. And of course, there have been lots of people asking the age old HBS cold call question, "What should the protagonist [student] do?"
The largest effort by the school to give students a better understanding of the current economic situation has been the Turmoil on the Street series, hosted by Carl Kester, Deputy Dean for Academic Affairs. Starting with in late September and running through the end of the year, the series has offered a wide variety of information and distinguished view points on specific topics relating to the crisis.
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