Evidence is mounting that the U.S. is likely to experience a far worse downturn than the 2001 or 1990-91 recessions. Job losses started at the beginning of this year but started deepening last month, even before the worst of the credit crisis struck. The degree of the declines is sapping consumer incomes after a decade showing few earnings gains for most Americans. Full Story »
Posted by Kaizar Campwala
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Factual, well explained, revealing report suggesting that the economy is on the brink of recession. The anecdotes are good, but they seem oddly placed in the story. Perhaps because there are three authors -- I definitely hear two or three different voices, which makes me think this may have been overreported.
I liked that the Journal added the anecdotal stories of 'everyday Americans' into this piece. They make this piece a better read than today's NYTimes equivalent (linked), which focus more on Ben Bernanke.
No one knows if we are going to have a deep recession. They push the panic button simply to make the story get more attention.
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