After the Angels - What the stock market mess means for entrepreneurs (and angels)

I am personally in the process of raising capital and have already felt the effects of this. I talked to a possible investor, a financial adviser, yesterday and his response was "I'm sitting tight with my money right now". Of course, he was in the middle of receiving phone calls from many panicked investors, so it probably wasn't the best time for my dumb ass to touch base. I also heard from another party that is still interested and said "I am still interested, but all of my other contacts are sitting on their cash right now, as they are panicked about the economy."

It's always possible, or likely, that these are polite "No's", but I have had polite no's before and I get the feeling that this market is going to affect all of us raising capital.

I agree with the author when he says that angels invest when they are "feeling wealthy". Most angel types I know invest in internet/tech deals because it's just something different and want to be in on the action. I can't imagine this turmoil being a positive thing.