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Microsoft aside, Google has to contend with a vast recession that's brought down ad prices in all mediums.
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But the latest sign that the jobs of the present are different from the jobs of the past is harder to read – namely, the vast post-recession growth in self-employment.
We are left with the conclusion that, because of acts of commission or omission, Alan Greenspan was not prepared to contain or manage in any way one of the most deluded and dangerous market manias in four centuries of financial capitalism until it had assumed such vast proportions that recession was inevitable.
Across the rich world governments are borrowing vast amounts as the recession reduces tax revenue and spending mounts—on bail-outs, unemployment benefits and stimulus plans.
In the end, though, for all the devastation wrought by the recession, a vast majority of people who have faced the possibility have somehow managed to avoid it.
Indeed, the United States has spent only 16 months of the last quarter-century in recession — a vast improvement over previous eras.
In the aftermath of the Great Recession, the vast majority of states were allowed to waive a three-month time limit on food stamp benefits for unemployed adults without disabilities or dependents.
Leave aside that most economists see a vast difference between the recessions of the '70s and '80s and the crisis that began in 2008.
We've now lost 8.4 million jobs in this recession, and a vast majority of them are gone for good.
The recession left a vast legacy of foreclosures, personal and business bankruptcies, debt-collection and credit-card disputes.
Just how dramatic a change in economic policy this was is evidenced by the vituperativeness of the opposition, with strident predictions of vast increases in unemployment and recession.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com