Wise words on the credit crisis

John Kay

However it feels on Wall Street and Canary Wharf, this is not the worst economic crisis since the Great Depression. Today’s problems are not only created by financial markets but largely confined to them. Compared with the wreckage of Europe’s physical infrastructure in the 1940s, or the threats to living standards and social order from oil shortages and accelerating inflation in the 1970s, these perturbations are minor. The greatest threat to the non-financial sector is the effect on business and consumer confidence that comes from apocalyptic headlines

The FT's management blog

Do not spend a moment of your time talking about the financial crisis unless it directly affects you

Postscript: Steve Levitt links to an Op-Ed by Casey Mulligan