A major player in the industry recently remarked to me that his greatest concern was that the credit crisis would diminish innovation, something that would only worsen an already difficult market environment.

It's understandable why such fears have taken hold among advocates of technology as an engine of business innovation. The daily newspapers carry headlines of bank closures and losses of ever-grander proportions. Last month, the 19th U.S. bank was shuttered for insolvency, and Wachovia recorded a $24 billion loss for the third quarter, exceeding in total mortgage-related losses what it had paid for Golden West Financial Corp.

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