The resiliency demonstrated by the U.S. economy through the first half of 2008, particularly below-trend job losses, turned into a serious recession as the downturn escalated into a global financial crisis. Elevated job reductions are likely to dominate headlines for several months, with total losses considerably higher than during the dot-com bust and 9/11 tragedies. Similar to other periods of shock, concerns regarding additional risk — from falling consumption to the uncertain impact of the auto industry troubles — dominate the general economic psyche. Clearly, there are reasons for concern; however, a number of factors should also be considered that…