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During the George W. Bush administration, spending increased sharply even as revenue collapsed.
It has been another solid earnings season for big companies, with corporate profits hitting highs even as revenue barely rises.
It said its profits were flat because of higher manufacturing costs, even as revenue rose 18 percent.
Until now, AOL had tried to bolster its dial-up business, which remains highly profitable even as revenue falls.
Manugistics Group, based in Rockville, said earnings were hurt by the slowing economy, even as revenue grew.
Underused plants are ruinous for car companies, which must continue to pay upkeep costs and make payroll even as revenue plunges.
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American newspaper firms like McClatchy stayed mostly profitable even as revenues plunged (see chart).
Even as revenues have plunged, Germany's big carmakers, for instance, have kept up spending on research and technology.
Investors have been heartened by DoCoMo's apparently having found ways to expand profits even as revenues fall.
But with taxpayers suddenly on the hook for gigantic bank losses, even as revenues plunged, the nation's creditworthiness was put in doubt.
Christopher McFadden of Goldman Sachs, an investment bank, points out that HCA has had its margins squeezed even as revenues have grown (see chart).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com