Recession is here according to the economist

Scary stuff...

"The economy is now in a recession," he said. "It will last longer and be deeper than the last two recessions, which lasted only 8 months from peak to trough. It could well be longer and deeper than the recession in the early 1980s that lasted 16 months."

Feldstein's view is increasingly the common one among economists. A Wall Street Journal survey of economists published yesterday found more than 70 percent agreed that the US economy is now in recession.

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