The Economy: it could be worse

You poor unsuspecting Harvard student, you have no idea what you're about to be missing.  Image from nytimes.com

You poor unsuspecting Harvard student, you have no idea what you're about to be missing. Image from nytimes.com

According to The New York Times, due to the state of the economy, Harvard’s endowment is down from $36.9 billion last June, to $26 billion this year.  The almost 30% decrease has forced the university to cut back on a few things, the most pressing (apparently) of which is the free bacon and egg breakfasts.

There are a few things that we can learn from this tragic situation:

First, we should all be appreciative that we never had free hot breakfasts, because we have now avoided the devastating sense of loss that those Harvard students are feeling right this second.  Whew, we sure dodged a bullet there!

Also, we should thank our lucky stars, God, or our parents for sending us to a public school with limited resources that force us to interact with each other.  As Khoa Tran, president of Harvard Taekwondo, told The Harvard Crimson about having to share practice space with the dance team, “It will be an interesting mix because they will be playing dance music while we do our routines,” he told the paper. “We ourselves yell every time we kick… and we kick a lot.”  Seriously, thank heavens we’re already used to being around other people, or I don’t know how we’d survive this economic downturn!!

However, this evidently very stormy cloud has its own silver lining: Harvard has still managed to hold onto its entire faculty.  Of course, we can’t be certain how long that will last without the free cookies at faculty meetings, and of course, the hot breakfasts.

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Bad economy hits fashion industry

Versace announced Wednesday that it has decided to close all of its boutiques in Japan, saying that the stores no longer represent the brand image.

In a statement Wednesday the company said the closings are part of a grander plan and that the brand is looking for new locations. However, publications like the Wall Street Journal say the luxury market is beginning to lose its appeal.

I attribute this to how the bad economy is globally affecting the fashion industry. So far it has seemed that the high fashion portion of the industry has been spared, but these conspicuous closings tend to allude to the greater problem of a world-wide recession. What are your thoughts? I think if high fashion brands like Versace are experiencing lack of  interest, then that doesn’t bode well for the rest of us!