There is nothing to fear except fear itself. (I just made up that cliche, do you like it?)
My industry is also down 30%. Everybody is down.
So what is UP? Consumer savings... Consumer savings have risen from 0.000% to over 5% in the past few months. Consumers are 70% of the American economy-- it is not big business driving our economy-- but consumer spending. Consumers are reading all of these terrible news stories about GM, the banks, unemployment, etc. The news media has scared them shitless with stories of 4% downturns in new orders; with 5% increases in unemployment; with Armageddon right around the corner.... Consumers stopped spending because of stories that do not even pertain to their lives directly. Yet consumer spending affects the business economy more than the business economy affects them, I think.
Never in my lifetime has an American put 5% of their earnings towards personal savings. Never before have so few (the media) encouraged so many (the public) to panic over so few percentage point drops in industries that otherwise would not have affected their lives whatsoever.
I'm NOT saying people shouldn't save their money. I'm saying that an extra 5% of spending from 70% of our economy would sure help to get us through a downturn when industries need new orders and new business to keep operating.
The media reaps what they sow. Our politicians reap what they sow, too.
p.s.- right on cue, Yahoo is advertising the worst beaches in the world for shark attacks... affecting 0.00000029% of the public, while scaring away the other 99% of people along the way.....