- the broad geographic reach of the current recession;
- the increased burden and cost of regulation;
- the economic impact of the obliterated (but previously important) shadow banking system and the associated reduction in securitized lending market capacity;
- the more important role of government in the private sector;
- the possible impact of protectionism and trade barriers;
- the degree to which individual and institutional investors have become risk-averse and have been "turned off" to equities; and
- most important, the unusual causes of the current economic downturn and uncertainty of business confidence that follows from the deleveraging of debt on bank and consumer balance sheets.