Financial Crisis and Higher Education

A bit of a bombastic title for this post, but should do for now – so my university, a large private school with plenty of endowment money, is not going to proceed with any of the next year’s faculty searches. I don’t think it’s a matter of saving money, but simply a precaution, a sort of “let’s wait this one out” approach – merit-based salary raises are still scheduled to take place, promotions etc etc, it’s just new hires – I wonder what’s the situash out there where you might be? I should probably go read me some Chronicle of Higher Education, but I’m lazy. Not being an economist or good with numbers, I wonder how the present and looming crises might affect the higher education.  Does that mean that whoever’s going on the market this year is going to see the decrease in openings?