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In September 2008, the financial storms that had battered global markets since spring began to threaten the legendary investment bank Goldman Sachs. The 139-year-old financial titan had seen its stock plummet nearly 50 percent in a matter of weeks.

Nobody would claim the U.S. economy is healthy right now. After all, we are in the worst contraction since the Great Depression, and poor numbers are being posted for almost every economic indicator.

What does the trough of a real estate slump look like? Phoenix metro area property owners will have time to take a close look at this unpleasant and hazardous landscape as the real estate market slides to the bottom over the next several months — and settles in for a slow, volatile recovery.

In his classic book on economic history, Charles Kindleberger argued that asset bubbles follow a predictable pattern. A new opportunity or technology sparks investor euphoria. Asset prices quickly rise to an unsustainable level. Then suddenly, people stop buying, and panic ensues.

Warren Buffet said: "When the economic tide goes out, you find out who is swimming naked." The financial upheaval of the last two years has revealed a number of inadequately clad investors.

Today's news included the announcement that First Solar Inc. has signed one of the largest solar photovoltaic power deals ever in the U.S. The contract with Southern California Edison has First Solar developing two solar-power projects with a combined 550 megawatts of capacity.

For decades, insurance companies have been pricing policies based on the belief that adverse selection comes into play among their customers.

Although prices in metro Phoenix dropped 33 percent in May compared to May 2008, the rate of decline once again slowed, adding another month to an improving trend in the market, according to the ASU-Repeat Sales Index (ASU-RSI).

A recent internet poll posted on the Money magazine web site asked "When will the U.S. economy improve?" The answer from 80 percent of those responding was that the economy will improve no sooner than next year, or even later.

The Kearny Alliance and Arizona State University are co-hosting a series of forums in the U.S. and in China to explore global trade challenges and their impact on the evolving trade infrastructure.