I went to one of those undergrads with a big endowment. A ridiculously wealthy school, by any measure. They just sent me a letter—-

Hiring freeze, until the revenue stabilizes.

Not a complete freeze, but a blanket hold, with review to figure out which positions really can’t sit empty.

By way of comparison, when the market dropped post 9/11, when other ridiculously rich schools were doing things like forcing a shutdown to save on heating bills over the Christmas vacation, this school was sending me a smug little letter about how they had not over-extended themselves to dependence on high stock returns and thus didn’t have to cut anything.