Senior Research Fellow Richard Ebeling was quoted in a Smart Money article, "Bouncing Back After Being Laid Off":

Things will get worse before they get better, predicts Richard Ebeling, a senior research fellow with think tank American Institute of Economic Research. Many of the recent job losses stem from the embattled financial sector. The spending habits of Wall Street's elite, especially come annual bonus time, typically result in widespread booms in the retail, housing, tourism and hospitality industries. Now that tens of thousands of financial-services employees are out of work and bonuses have been slashed, those sectors will undoubtedly take a hit, he says.

Eventually, the job market will bounce back. "Cycles bottom out and recover," says Ebeling. "In a sense, jobs changing, letting people go, and re-working wages indicates a healing process."

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