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Davos Diary / Depression, denial and acceptance By Eytan Avriel If, during the first 24 hours, one might still be able to believe that the suits at the World Economic Forum in Davos were issuing pessimistic statements mainly as a way of demonstrating solidarity with the rest of the world, now it is clear: The executives are apprehensive, fearful and depressed. There were a few psychologists who compared their behavior with people who have just been told they have a terminal disease, or are forced to quit taking heroin cold turkey: First comes the stage of denial. Advertisement It is followed by anger, bargaining, depression and eventually acceptance, at which time treatment can begin. Kenneth S. Rogoff, a professor at Harvard University and former chief economist of the International Monetary Fund, says that the big guys are suffering from post-traumatic stress and are now in the acceptance stage. One of the stars at Davos this year is actually a historian: Prof. Niall Ferguson, who teaches economic history at Harvard, was one of the few people who saw the banking collapse coming. A year ago he advised his clients - it turns out that hedge funds hire historians to work as advisers - to sell all their investment house stocks, including Goldman Sachs, at a loss. Ferguson argues that the conduct of company managers proves that they are still in the denial stage. President Shimon Peres was not among those who warned of the coming collapse, but he nevertheless was given several opportunities to speak over the weekend and took advantage of them. One such occasion was the traditional Friday night dinner at the heavily guarded Arabella Sheraton Seehof Hotel, where he presented Israel's version of the recent war in the Gaza Strip. Former Bank of Israel Governor Jacob Frankel demonstrated his cantorial skills, while Klaus Schwab, the founder and executive chairman of the World Economic Forum, gave a speech. The diners comprised most of the Jews attending the Davos forum, including Ron Lauder and Bank of Israel governor Stanley Fischer. Bookmark to del.icio.us   'Modern Kristallnacht' Chavez condemns attack on Caracas synagogue, blames opposition. Avenging Mughniyah Israel: Hezbollah planning attack to avenge Mughniyah assassination.

Read & React Four rockets fired from Gaza strike Negev in new truce violation Responses: 55 Gideon Levy: Israel's courts are accomplices to war crimes Responses: 29 Netanyahu: Iran won't get its hands on nuclear weapons Responses: 53 Israel plans to build up West Bank corridor on contested land Responses: 40 Belgium to stop selling Israel 'arms that bolster the IDF' to Israel Responses: 51 More Headlines 00:11 IDF attacks Hamas targets across Gaza Strip 00:17 High alert over Hezbollah plans to attack Israelis abroad 00:55 Two IDF soldiers, civilian lightly hurt as Gaza mortars hit Negev 00:40 Abbas: Continuing Gaza rocket fire gives Israel excuse to strike 00:26 Hamas leader Meshal: Iran has big share in our victory in Gaza 00:34 Chavez condemns attack on Caracas synagogue, blames opposition 00:13 Elections 2009 / Poll gives right-wing bloc 12 seat advantage over left 00:49 Druze likely to comprise 5% of next Knesset, despite their small population 00:59 MI Chief: Hamas upholding cease-fire, but smaller Gaza groups undeterred 00:01 IDF colonel to teach TAU law course, despite critics' bid to stop her 00:14 Elections 2009 / Netanyahu: Iran won't get its hands on nuclear weapons 00:51 Olmert warns ministers against deepening schism with Turkey 00:55 Spain FM says material sent by Israel should help reverse war crime charge 00:24 Bar Refaeli picked as the new face of Marks and Spencer's lingerie line Previous Editions Select Day 01 feb 30 jan 29 jan 28 jan 27 jan 26 jan 25 jan 23 jan 22 jan 21 jan 20 jan 19 jan

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