One of the unavoidable side affects of an economy in "free fall" is that companies producing non-essential goods must rely on retained earning and hard capital to sustain their existence during what will inevitably be a non-productive period of time. To survive, a company must take in more revenue than is reasonable consumed in expenses.

Those companies that continually produce too few "optional" consumer goods to cover their expenses will, in all likelihood, fail when they have exhausted their reserves. These reserves may include large lines of credit that will probably not be repaid which further exacerbates the problem by "stiffing the creditors" who will, in turn, charge higher fees to service those businesses that are remaining viable.

While we have no real insight to the management at Crane, it would appear that the company has been experiencing difficulty for some time. It's hard, but necessary, to make decisions that will save the company when the cost is the employees. My heart certainly goes out to those at Crane that have been let go - probably without a lot of compensation - and now must find suitable employment in this difficult economy.

If you're gainfully employed - remember to thank your employer and work each day with the enthusiasm of you first day on the job.