April 11, 2008
America's Exhausted Growth Paradigm
1980 brought a new kind of business cycle, one that's no longer sustainable
The American economy is most likely in recession, and high debt and housing-sector problems spur fears that this downturn could be far more severe than the recessions of 1991 and 2001. The Federal Reserve and Treasury have taken unprecedented actions to stimulate the economy through interest-rate cuts, infusions of liquidity, and tax cuts, all of which are entirely justified but constitute short-term economic
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