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Recession projections 'nonsense on stilts'
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| Contributor | Jason |
| Last Edited | Jason Nov 23, 2009 09:33pm |
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| Category | Opinion |
| Author | Jay Ambrose |
| Media | Newspaper - Knoxville News-Sentinel |
| News Date | Sunday, May 25, 2008 03:00:00 AM UTC0:0 |
| Description | It was supposed to be the economic equivalent of shock and awe, bombs falling everyplace, an explosion at every turn.
"The current financial crisis in the U.S. is likely to be judged in retrospect as the most wrenching since the Second World War," said no less a titan of economic forecasting than ex-Fed Chairman Alan Greenspan, and fewer voices were raised in protest of this gloom-and-doom vision than in hysterical concurrence.
So the question is, what happened to this recession that was slouching toward us, something dreadful and unconquerable, something destroying production and jobs and lives? According to a recent story in The Wall Street Journal, we may have ended up with a different situation entirely, a slowdown that falls short of a recession.
To be sure, the Journal piece stops well short of saying everything is hunky-dory. Consumer confidence is down, oil and food prices are up, jobs are in fact being lost, productivity is below normal, and worse possibilities still lurk in the shadows. |
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