It's a bit sobering, but it's also got some solid advice:
I guess what I think it says is that we’re going to see a more cautious approach to acquisitions over the next months and see it taking longer to get decisions. The advice at the beginning of this talk to stay calm and have patience is appropriate. That gives us time to make that submission as good as possible, because the competition is going to be stronger than ever. Books that are simply “finished” won’t get it done, because the market is looking for books that are excellent. Should we quit writing and quit submitting? Of course not! Just keep doing business as usual . . . with a little more patience.
Thanks to agent Terry Whalin for the link to the article.