or
Molecast audio: Is it recession yet? Doug Henwood explains who decides, how, and where we stand By Steve Perry January 10, 2008 11:14 am
In this Molecast, author and business/economics journalist Doug Henwood (who publishes Left Business Observer and hosts a weekly radio show on NYC’s WBAI) returns to explain how “recession” is officially demarcated by the National Bureau of Economic Research, and why we are not officially in one at present; he also offers the clearest account of where the US economy seems to stand now–in his own view and that of Wall Street–that I’ve read or heard from anyone since the housing bubble began to deflate last year.
“We may well be in recession or very close to it right now,” Henwood says. “But there’s also another possibility, which is that we’re really talking about a much more structural problem rather than a business cycle issue.”