As in every downturn, who succeeds and who fails is likely to be determined not by what costs are cut, but how they are cut and above all which ones are not cut.

每次衰退时，成败并不决定于那些被削减的花销，而是决定于如何削减或是哪些没有被削减。

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But these days as nervous lenders cower and credit contracts, virtually every industry is likely to be scathed in the widely predicted downturn starting this autumn.

然而，这些日子正如战战兢兢的出借人和不良的信用合同一样。实际上，从秋初起，在广泛而可见的低迷领域，每一个工业部门都可能遭受损失。

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During the past couple of years, we saw landlords at the ready to make concessions of every kind as they battled high vacancy rates in the worst economic downturn since the Great Depression.

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