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Paralysis!!!!!

Well, no wonder those four star Manhattan restaurants were so empty last week. Hold the Krystal, this week promises to be even worse... On the other hand, corner bars may be doing much better at least selling their cheapest brews.

By Jonathan D. Miller | Updated on September 15, 2008

Well, no wonder those four star Manhattan restaurants were so empty last week. Hold the Krystal, this week promises to be even worse… On the other hand, corner bars may be doing much better at least selling their cheapest brews.

What’s pretty clear about the extreme uncertainty roiling the entire financial industry is no bank or institution will be in a position to resume more “normal” lending for months, maybe many months or several years. And the new “normal” will come with all sorts of strings attached to reduce banker risk and increase borrowers’ costs. But that won’t be for a while. In the meantime, the listing economy must absorb several other jolts — failed iconic firms, more major Wall Street jobs losses, and evaporating wealth in stock portfolios. In addition, who knows how much more unexposed debt exists, including most notably in commercial real estate? No doubt plenty.

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