Perhaps there is something else at work here which wasn't present during those recoverys. So for example, my company was hollowed out over the past 5 years, sites closed down, everything outsourced and widespread layoffs. Finally, we were sold.... pensions gone, retiree healthcare gone and once again layoffs. Now a new memo 8% reduction in the workforce. And all of this for the same reason: (From the CEO memo)

These savings are also part of the plan for helping position our company to grow in a profitable way in the future.

We haven't missed a dividend in my 22 years.

To increase profit something generally has to give and the largest segment of costs are the workers.

Just a thought.....