“People are comparing this recession to previous deep recessions we had in the seventies and eighties. The problem is that you had a larger manufacturing sector then than you have now. The process of deindustrialization has been going on since WWII. With each recession we lost a tremendous number of jobs, which don’t come back,” said my former Morgan Stanley colleague, David Gerstenhaber, President of Argonaut Capital Management. David, you learned well!