[lbo-talk] recession severity

Steven L. Robinson srobin21 at comcast.net
Thu Jan 24 11:57:02 PST 2008


Would it be fair to say, though, that in some areas heavily dependent on construction spending - e.g. Southern California - that the recession might be steeper than nationally? For an unemployed construction worker or mortgage consultant it would certainly FEEL like a steep recession. SR

-------------- Original message -------------- From: Doug Henwood <dhenwood at panix.com>


>
> On Jan 24, 2008, at 2:34 PM, 123hop at comcast.net wrote:
>
> > It's hard to believe, given the magnitude of the excesses and the
> > degree to which the economy is organized around consumption, that
> > this is not going to be a long hard fall.
>
> It could just be a long slog - years of near-zero growth.
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