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Paul Krugman, in a column for The New York Times, writes: "the economic news has been fairly dire this week. The credit crunch is getting worse, and a widely watched indicator of trends in the service sector - which is most of the economy - has fallen off a cliff. It's still not a certainty that we're headed into recession, but the odds are growing greater. And if past experience is any guide, the troubles will persist for a long time - say, into the middle of 2010. The problems now facing the US economy look a lot like the problems that caused the last two recessions - but this time in combination."

http://www.truthout.org/docs_2006/020808M.shtml



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