Yet with the pace of decline slowing, most experts focused on signs that the economy was recovering after the longest recession since the Great Depression.
The soft-spoken Mr Clark has won praise for his handling of that crisis and for being quicker than his rivals to start restructuring his firm in preparation for leaner years.
Raising 6 children during the difficult times of the Great Depression took its toll on my parents' relationship and resulted in their divorce when I was 18 years old.
As a result, they have lost the parachute they once had in times of financial setback—a back-up earner (usually Mom) who could go into the workforce if the primary earner got laid off or fell sick.