It's the latest stage in the long decline of an industry.

BBC: Q&A: Why did Corus cut jobs?

As a new database from the Federal Reserve Bank of Minneapolis helpfully shows, (see Free Exchange), the percentage decline so far in this recession is exactly equal to the median decline at this stage of the ten post-war recessions.

ECONOMIST: America's economy

The stocks that rise the most in the initial stage of a recovery will usually be those from the sectors that got beaten up the most in the decline and have a speculative quality to them.

FORBES: Pessimism and the Rebound

Thus, those states claiming that they are cutting fat and waste are actually setting the stage for the impoverishment of their citizenry and a long-run decline in the revenues available to pull themselves back out of this hole.

FORBES: Why US education deserves our praise (and funding)