Nobel Laureate Michael Spence: Global Recession Has a 50/50 Chance

Monday, October 24, 2011

Traders work on the floor of the New York Stock Exchange. (Ramin Talaie/Getty)

With unemployment holding steadily at 9 percent and little sign of an upturn, it is hardly surprising that most Americans have a negative outlook on the state of the economy. According to a recent Associated Press poll, more than 7 in 10 Americans believe the country is heading in the wrong direction. Less than 40 percent of respondents feel that President Obama's jobs proposals will significantly raise the unemployment level from its current level.

In the interconnected, global fiscal system, America’s weak economic numbers have a direct impact on the markets around the world, and vice versa. No one knows that better than Michael Spence, Nobel laureate in economics, professor of economics at New York University’s Stern School of Business, and fellow at the Council on Foreign Relations. He thinks there is a fifty percent chance of the global economy slipping into another recession.

Comments [1]

listener

It is going to be exhausting for the media to keep up this sputtering and desperate distraction.
Of course the blame and attention all is shifted to Wall Street, banks, and even our very political and economic system and virtually everywhere else except the President of almost three years and his party which for two years led us to the quagmire we find ourselves in with massive overspending and failed economic leadership.
The same people who derided and defamed the Tea Party which was presciently warning about this economic crash and offered responsible solutions are now making heroes out of the Occupy protests which offers little except irresponsible Marxist claptrap and growing civil disorder which is exactly what we don't need now.

Oct. 24 2011 07:55 AM

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