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02-21-2008, 06:02 PM #1
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Key Reagan Adviser: Recession Could Be Long and Severe
Key Reagan Adviser: Recession Could Be Long and Severe
Thursday, Feb. 21, 2008 3:31 p.m. EST
Martin Feldstein, chairman of President Reagan’s Council of Economic Advisers, says that evidence is mounting that a recession began in December or January.
And unlike many economists who say any recession will be mild and brief, the Harvard economist wrote that there is a good chance it will be long and severe.
That’s largely because Federal Reserve interest-rate cuts are having little effect, he argued this week in The Wall Street Journal.
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