On Jun 19, 2008, at 11:47 AM, C. G. Estabrook wrote:
> [Maybe not for some? --CGE]
>
> Hedge fund chief warns of worse to come
Let me write down what I think in a few simple sentences. The risks of financial collapse are receding, but the system is still far from healthy. The U.S. economy has probably been in recession for about six months, but I don't think the major issue right now is the state of the business cycle; we're likely to see several years of stagnation and general trouble. The likelihood of a boom, either an uneven one like the 1980s or a manic one like the late 1990s, is very small. But the U.S. economy is not going down the drain, or to hell in a handbasket, or suffering its death agony, or anything like that.
Doug