Now that a full-fledged economic slowdown is upon us, the question is how to cope. For many process industry veterans including your humble correspondent, this isn’t the first downturn and it won’t be the last, so experience from past recessions is germane.
The first and most important lesson from past experience is that this too shall pass. Despite overblown media hype, this is not a crisis. And odds are that it will progress as most recessions have over the past century or so without 30 percent unemployment, soup kitchens, and bread lines.