Why are universities w/ multi-billion $$ endowments announcing wage cuts/freezes, hiring freezes, letting “non-essential” workers go, etc.? This article, shared by many folks already, goes a long way towards explaining things: https://bit.ly/2X8x8L3
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Yup. But they never expected something like this. As I noted, they said that in 2008, though some income sources fell, others rose. This is a Great Depression-level economic crisis, with no playbook for, e.g., the Fed to use even after the medical crisis ends.
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Even corporate contracts have force majeure clauses... I guess we shall see how different institutions react.
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