As I understood it, the durable goods industries are the part of an economy that gets hit the most in a recession: Whether B2B or B2C, in the case of an uncerta

As I understood it, the durable goods industries are the part of an economy that gets hit the most in a recession: Whether B2B or B2C, in the case of an uncertain economic outlook many customers will postpone investments in durable goods (e.g. cars, machining, housing upgrades like better heating/isolation systems etc.) more than they'll do with other products. So: Many companies were similarly over-leveraged, but those in the durable goods industries were folding over it. See IIRC Finland as an example: No banking or housing problems in 2007/8, but still in a recession because of the big role durable goods exports play in their economy.