Read this story for a human perspective on how a recession can snowball across the globe
Jan 29, 2009
The Wall Street Journal is famous for its "keyhole approach" -- letting a small, personal perspective open the door to a broader story. In this remarkable, simple piece, writer Ben Casselman chronicles how one layoff has repercussions across an entire town -- and even across the globe.
This story is the economic equivalent of "when a butterfly flutters its wings in the jungle..." It's just enlightening and well-done; not overly dramatic: the Smiths (Smiths!) are a middle-class family who won't be homeless tomorrow. Yet their small choices on spending fall in step with those of others, and suddenly other businesses and jobs are on the line.
I hope this link doesn't expire soon. If it does, I'll see if I can find a workaround.
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