1.   And small stocks got killed in the quarter, even though analysts were predicting a revival from a previous downturn.

2.   Fed trimming thus far has cut interest rates more than in any previous downturn.

3.   In fact, both profit warnings and stock market declines are far more severe than in previous downturns.

4.   In previous downturns, layoffs provided a fairly immediate hit to the economy.

5.   Of course, this is no different from any previous economic downturn.

6.   Politicians demonized government regulation, and methodically dismantled the safeguards set up in previous downturns to protect little investors.

7.   The policy response has been impressive in comparison with previous downturns.

8.   The policy response has been particularly impressive in comparison with previous downturns.

9.   There are no guarantees, but consider what happened in the previous major downturn.

10.   This year, spending on such items has remained surprisingly strong, and there is probably less pent-up demand than at the end of previous downturns.