US Economic Outlook: Beyond the Credit Crunch

Holger Schmieding
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Holger Schmieding: Bank of America

Chapter Chapter 7 in Innovation, Employment and Growth Policy Issues in the EU and the US, 2009, pp 145-151 from Springer

Abstract: Rarely have opinions on the US economic outlook differed so much. Some observers interpret the sharp slowdown in US growth in late 2007 and early 2008 as the beginning of a long and nasty recession during which the US needs to purge itself of its excessive addiction to credit. Many of these pessimists had maintained for years that the comparatively strong US economic performance for the last 5, 10 or even 15 years was built on unsustainable foundations which have now – belatedly – started to crumble. However, others see the current calamity as a temporary and comparatively shallow interruption in a remarkable uptrend.

Keywords: Financial Institution; House Price; Mortgage Loan; Debt Service; Mortgage Lender (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-00631-9_7

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DOI: 10.1007/978-3-642-00631-9_7

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