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A Layoff in the Smith Family Ripples Through Town

1 rating: 5.0
A Wall Street Journal article about how one layoff in a small TX town impacts the globe

A layoff in one Texas family launched a series of other actions that have rippled through the economy.  http://online.wsj.com/article/SB123319134864127065.html

Tags: Recession, Wall Street Journal, Spending Cuts, Layoffs, Harolds
1 review about A Layoff in the Smith Family Ripples Through...

Read this story for a human perspective on how a recession can snowball across the globe

  • Jan 29, 2009
  • by
Rating:
+5
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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February 04, 2009
Thanks for sharing this. It's very insightful!
 
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