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"We have the British motor industry as a role model for what happens when you try to save an industrial dinosaur. Britain was the first country to industrialize and the first to de-industrialize. We should learn from this." - P. J. O'Rourke
The 5.4% fall in industrial production and the 4.3% drop in capacity utilization did not surprise or shock – the numbers were expected to drop and the next data set may likely be worse. The market had already discounted these bad numbers because the Fed anyway was throwing money at it.