Wednesday, April 02, 2008

"Recession is a technical term..."

Brendan Smialowski for The New York Times
[click photo]
"A recession is possible. But a recession is a technical term defined by the National Bureau of Economic Research depending on data which will be available quite a while from now, so I'm not yet ready to say whether or not the U.S. economy will face such a situation."

By the time they get that data, I fear we will be in a depression!

Regarding the bill currently being debated in the Senate, Senator Durbin had this to say:
"What a real test of the United States Senate this will be. If we end up letting the mortgage bankers ... dictate to the Senate about changing the bankruptcy code, shame on us."
And what shame was heaped upon them when the credit card industry pushed them into the previous amendments to the Bankruptcy law?


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