harrowing

paul krugman differentiates today’s “postmodern” recessions from its interest-rate-drive, inflation-a-fearing antecedents (could we call these “modernist” recessions, by the way?)… interest rates right now are about as low as they can get, but that does little/nothing to turn the housing market around. he concludes by saying it looks like we’ll be in this swamp til ’09, if not 10. i hope nobody was planning on moving anywhere.

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