The second part of the crash will hit when the bottom falls out of public spending, especially in the U.S. (even a very large stimulus package will only partially offset this, and tax cuts will make it worse). We are already seeing that education will take a large part of the impact. People like Richard Florida can blithely say some regions will simply decline - but it's more complex than that. There isn't enough space here to discuss this. But we are looking at the same forces that have kept less wealthy regions of the world impoverished coming here. Do not be lulled into believing that it's just the new high-tech economy replacing the old. Our new impoverishment may force us to adopt new technologies, such as e-learning, but there is also a significant effort afoot to permanently convert public wealth into private (and increasingly stateless) wealth.