[lbo-talk] recession severity

[Steven L. Robinson]

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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