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San Francisco Federal Reserve Bank President Janet Yellen said on Thursday that the United States faces several quarters of "anemic" economic growth but will probably not fall into an outright recession."
Still, risks to growth for the near term are skewed lower, and as a result a slowing economy could create greater caution by lenders, households and businesses, dragging growth down even more, Yellen said.
If they calculated inflation correctly, we probably entered into recession late last year. Most store chains have been reporting weak or declining sales for about six months.
The only thing holding us up is the war spending. Surge in spending on Iraq and Afghanistan to 170B/yr and another 130B/yr on the Pentagon procurement budget came just as housing equity cash-outs had fallen off the cliff in the last year.
At no time when the housing market has gone down has it not dragged the economy into recession,this one looks to be a doozy,think 1934(bottom of RE cycle during the depression) with a dose of 1973(high energy prices) thrown in,as far as war spending,its just on borrowed money or children are going to have to pay back.
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