The current downturn for CAT bears little resemblance to the one during the financial crisis. For starters, the drop in demand is specific to CAT's end markets, not broader economic conditions. Mining equipment prices increased in 2009, while they have started to fall as of 2Q 2013. CAT apparently had "trough plans" ready in the last downturn, while frequent guidance cuts suggest that CAT has been caught off guard by recent weakness. Notably, the inventory situation was much more favorable in 2008/2009. To quote Jim Owens, "I think our ability to do a better job on the pricing front than you might have expected goes back to inventory management and not overstocking dealer inventories with product that was in the wrong product in the wrong place…" (James W. Owens, not Doug Oberhelman, 8/3/2009) To the extent upcoming actions require a costly restructuring, it would add an additional difference between the current downturn and CAT's performance through the financial crisis.