The difference is that American firms reacted by slashing employment, whereas in Britain workers were willing to see their real incomes slump.
Historically, recessions have often occurred when rising interest rates have cut into corporate profits, causing firms to slash employment and capital expenditure.
Meanwhile, technocrats, while slashing employment and welfare benefits, and immiserating entire societies and generations, propose to bomb refugee boats, and secure unprecedented powers to imprison and snoop.
Earlier this month, Conservative MPs voted to slash employment support allowance – the successor to incapacity benefit – from £103 to £73, a move that prompted angry protests.
Required to provide universal service, even as the internet and private carriers cut into its profit centres, the USPS has spun into a death spiral, raising its rates as it slashes employment and service.
France's President Francois Hollande is under pressure to reform its flagging economy after both the IMF and a separate government-commissioned report urged him to slash employment costs.
As head of Shell Oil, Carroll led a wholesale overhaul of operations, slashing employment by more than 10% to about 21,000 and engineering joint-venture relationships with other major oil exploration and refining companies.
But the end of empire, the rise of air travel and the advent of shipping containers slashed maritime employment after the 1960s.
Under their spell, the General abolished the minimum wage, outlawed union bargaining, privatised the pension system, abolished all taxes on wealth and business profits, slashed public employment, privatised 212 industries and 66 banks and ran a fiscal surplus.
You will remember when the government cut £1,500 a year from disabled people through slashing the employment and support allowance.
