Week for cooler heads

Many experts, including the great Greenspan, were warning last week that the mortgage meltdown could trigger a recession. I disagree very much that this can cause a recession. My reason is that the US economy is extremely diverse. This fact has not only made the time between recessions longer but also made the scale of recent recessions much smaller.

Here is a story to support my case that the recent mortgage meltdown will not cause a recession:

U.S. mortgage crisis not yet disaster here, experts say www.tucsoncitizen.com ®: “‘Is recession a possibility? Sure. Is recession a certainty? No,’ said Dennis Hoffman, an economics professor at Arizona State University. “

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