The difference is that American firms reacted by slashing employment, whereas in Britain workers were willing to see their real incomes slump.
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.
Historically, recessions have often occurred when rising interest rates have cut into corporate profits, causing firms to slash employment and capital expenditure.
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.
By 1995 Tandy slashed employment to 17 employees from 100, fired his sales team and shuttered his warehouse.
Cameron and Osborne are going to have to fend off increasingly furious protests from the Tory right, once those MPs realise that, far from deeper cuts and the slashing of employment protection, they are heading cautiously the other way.
But the end of empire, the rise of air travel and the advent of shipping containers slashed maritime employment after the 1960s.
Yet, in return for infusions of cash, Egypt will probably have to accept some kind of I.M.F.-like I.M.F.-likeeform package and slash government employment — just when unemployment and expectations are now sky high.
Republican governors around the Midwest have aggressively tried to break the power of public unions while slashing their work forces, and Congressional Republicans have proposed paying for a payroll tax cut by reducing federal employment rolls by 10 percent through attrition.
Two weeks ago, Republican staff at the Congressional Joint Economic Committee released a report, "Spend Less, Owe Less, Grow the Economy," that argued that slashing government spending and employment in the face of a deeply depressed economy would actually create jobs.
Most economists say that such cuts take six to nine months to have their full effect, so the rate slashing may help increase employment in the months ahead.
