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In a world of changing priorities, America's attention seems to have shifted from the war in Iraq to the increasingly shaky economy-and with good reason. Today, consumer confidence stands at its lowest level in more than a decade (hard to imagine that it has dipped below immediate post-9/11 levels), the effects of the credit market crunch are beginning to spread past the sub-prime mortgage sector to compromise the borrowing ability of businesses and individuals with solid credit histories, gas prices continue to soar, the stock market continues to falter, borrowing costs continue to climb even as the Federal Reserve Bank lowers interest rates, and the dollar continues its worldwide decline. As reported in the February 28 edition of the Los Angeles Times: "The economic situation has become distinctly less favorable," [Federal Reserve chairman Ben S.] Bernanke told the House Financial Services Committee in his semiannual assessment of the state of the economy.
What a mess! Fortunately, the economy is cyclical, so this too shall pass. Nevertheless, the wild party seems like it might be over for now, and it's time to sit back and retrench. The commercial design industry, which serves the very companies and institutions that are starting to feel the pinch of a slowing...