Having taken all the easy steps to prepare for a continuation of the post-Iraq, post-Afghanistan downturn, industry leaders now need to consider something more basic: getting out of defense.

FORBES: Defense Industry Needs To Get Serious About Diversifying

The poorest of the poor seem to have escaped the worst of the post-2007 downturn.

ECONOMIST: Global poverty

The post-Iraq, post-Afghanistan defense downturn could be just beginning.

FORBES: Defense Plans Will Change, So Don't Bank on Obama Blueprint

Then came the post-2008 economic downturn, and tax revenues plunged.

FORBES: Accounting Tricks for Bankrupt States: A Field Guide

Government was supposed to play a compensating role to the economic downturn in the post-crisis period.

FORBES: The Worst Four Years Of GDP Growth In History: Yes, We Should Be Worried

Leaving aside the recent downturn in its stock post-IPO, any rational analysis would see this as one of the all-time great business success stories.

FORBES: By all means.

The other two--the economy is at the end of a decade-long expansion and the post-Olympic letdown is making itself felt--will help ensure that this will be a long and deep downturn.

FORBES: Magazine Article

If there is any silver lining, it is that while the recession was a year old in December, its first half was not especially deep: net GDP actually rose in the first half, and the downturn is actually a bit milder than the median post-war recession after 12 months.

ECONOMIST: The economy

In addition, the slowing growth in China, India and other Asia-Pacific countries has contributed to an overall decline in the growth anticipated in the global airline industry post the downturn of 2009.

FORBES: Qantas' 787 Cancellations Show Boeing's Vulnerability To Macro Weakness