What all the articles about the sub-prime crisis ignore is that the crisis impacts much more than real estate and hedge funds.
For example, the technology training business in the North-East caters rather heavily to the financial industry. Many online banking and bill payment systems are built using Java, and one of the ways that financial companies demonstrate their fiduciary responsibility is to keep their technology workers abreast of the best practices in their fields.
This fiscal year, many financial companies have cut down on their training budget. So, for my technology training business, 2008 will be worse than 2007.