Not trying to copy LoSC, but this quote - in an entirely unsuspected place - sums up what I've been trying to explain to several friends and colleagues who have yet to grasp the severity of our current economic woes. From the NYT Digital Domain Section:
If the recession is severe, “eventually, everybody gets slaughtered at some point."
--Tavis McCourt, Analyst, Morgan Keegan
There will be firms that may benefit from the carnage over the long-term (Best Buy's inevitable dominance once Circuit City bites the bullet, hedge funds that successfully profited from the insane vol we've been seeing, etc). However, a rising tide lifts all ships, and vice versa. Watch out for beta, kids.