"Thus if the recent stock collapse turns out to be the precursor of a recession, the timing will have been very poor."

But that in essence is what the Presidential commission on the stock collapse concluded.

Some projects that were canceled after the initial stock collapse have already been revived.

And there have been rumors that the bank's stock collapse made it a possible takeover target.

But after the stock collapse, the savings rate rebounded to 4.9 percent.

Metal dealers said some investors were turning to gold after last month's stock collapse.

Reached after the stock collapse, he said: "How were we supposed to know?

They attempted to turn a hose on the fire, but were engulfed by a stock collapse that stunned both men.

Even worse, some have exercised options at high levels and watched the underlying stock collapse.

Mr. Ogden said the stock collapse "has created problems but also opportunities."