Despite the impact the subprime crisis has immediately had on mortgage and other financial services companies—with the financial services sector of the S&P 500 Index declining nearly 22%—U.S. equities, particularly growth stocks, are in a strong position, according to the latest market commentary from Fred Alger.

“From our vantage point, while the fallout from the subprime mortgage mess will be bad on both the consumer economy and the financial system, it will not trigger a systemic crisis either in the United States or globally,” according to the report, “A Time for Growth (Even if it Doesn’t Feel Like it).” Specifically, the authors of the report, Fred Alger Chief Executive Officer Daniel C. Chung and Chief Economist Zachary Karabell, point to strong balance sheets. Revenue at U.S. companies

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