Kass: More Casualties of Wealth Destruction

This blog post originally appeared on RealMoney Silver on Nov. 25 at 7:59 a.m. EST.

"While we can hope that markets will improve, we need to be prepared to absorb unprecedented endowment losses and plan for a period of greater financial constraint."

-- Drew Faust, Harvard University President

In "Welcome to Dystopia," I outlined how severely our economic and investment futures had been rocked. I concluded that there would be broad-based social, political, credit, economic and stock market ramifications from the economic and market jolts of the past 18 months. The emerging trends could produce an uncertainty of outcomes that make it difficult to glibly conclude that the market's dramatic decline has been fully discounted and almost certainly questions the market's intermediate-term upside.

In that column, I also raised a concern that the negative impact would be seen in some unlikely places, such as in our educational system. ...