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Is America Throwing in the Towel?

Slate’s Daniel Gross ponders the closing of a Circuit City store on Broadway as a sign of the times. Once, in happier days, a company the size of Circuit City would have filed for Chapter 11 and launched a new game plan. But dire predictions about the length of the recession may be putting the kibosh on optimism, despite the enthusiasm for the new president. Gross notes a pernicious trend whereby hedge fund managers high-tail it out the door if they can’t expect fat performance fees. No more lets-wait-and-see.-if-things-improve. “Have we given up?” Gross asks. Could our “Yes We Can” president be facing a “No We Can’t” economy?

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