This is the first real test for Globalization. Western Countries haven't endured a deep recession since manufacturing was shipped overseas (pre-1995). Its well-known that heavily industrialized countries peak money velocity. And money velocity = local jobs. More productive capacity = more goods produced locally = more local jobs recruited to build those goods. Import/Service-based economies are inherently unstable, due to low money velocity. For example, America looks like this: Retailer > Wholesaler/Importer > China It used to look like this: Retailer > Wholesaler > Manufacturer > Raw Material Supplier Network > 2nd Tier Suppliers Refiners/Miners/Farmers ect. Clearly, the 2nd example maximizes local jobs, as each dollar spent in the value chain recruits many more domestic hands than the first. Because America's de-industrialization simultaneously enjoyed a massive explosion in consumer credit (read: DEBT), the effects on middle-class incomes, and income distribution overall, was glossed over and not readily apparent. Now, we'll get to witness the full "resiliency" of this moronically-hyped "New Economy". Ushered in thanks to Corporate America and its Bleeding Heart Shills. Even with a restoration in banking and credit, the drop in middle class incomes and jobs (read: money velocity) will likely be pronounced and weigh heavy on street-level demand, for years. Structurally, our economy is much weaker than its ever been. The benefits of employing 50 Americans from a TV purchase instead of 10, should be obvious to everyone. This climate will only amplify globalization's underlying problems that until now, lay hidden and masked from a sea of cheap credit and unsustainable American consumption. In my opinion, we're not going to revert back to 2000-level GDP. Perhaps more like 1992-1995 level GDP.