The case for recession

The American Conservative
by Nelson Hulteberg

04/21/08

Bank of America economist Mickey Levy recently made one of the most astonishing comments heard in a long time, says Chicago financial commentator Bill King in his ‘King Report:’ ‘The Fed knows its credibility would be damaged if the economy slipped into recession.’ King’s response: ‘When did recession become an abhorrent, avoid-at-all- costs phenomenon?’ Recessions have been common throughout our history, and the country has always survived because our political and economic leaders understood that a periodic ‘riding out’ was necessary to cleanse the system of excesses and enable it to return to real growth. What is different this time that makes the Fed so desperate to avoid a healthy purging?

http://www.amconmag.com/2008/2008_04_21/article.html


Informant: Thomas L. Knapp



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