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Accurate?12 votes
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Phil Gramm(1.8) said:
1"You've heard of mental depression; this is a mental recession," he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. "We may have a recession; we haven't had one yet."
Added by bobby on Jul 10, 2008
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1 Supporting
bdeery
Added 4 months ago
What he said is in actually accurate, although he said it in an incredibly stupid and insensitive way. For the American economy as a whole, we haven't "technically" entered a recession. However when, people struggle to make ends meet due to ever increasing fuel prices,lose their jobs,etc ...the reality of the economic downturn is starkly more than just "mental". However there is a largely mental aspect, when every time someone in the middle east stubs their toe and gas goes up 8400%
- yahoo business
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1 Challenging
shg17
Added 4 months ago
According to Martin Feldstein in a statement made in March, The United States has already slipped into a deep recession that could be the most serious since World War II. Feldstein is the president of the Cambridge group, which is considered the official word on economic cycles.
In a Wall Street Journal poll conducted a day before this article was printed, more than 70% of economists agreed with Feldstein. 1
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1 Adding Context
bdeery
Added 4 months ago
Shockingly enough, 'Talking points' ends it quotation of Gramm immediately prior to the actual point of his statement. He actually said "We've never been more dominant; we've never had more natural advantages than we have today, We have benefited greatly from the globalization of the economy in the last 30 years." In essence, he was saying we're in the down cycle, but things will rebound and be just fine. All you hear from the media ho1wever is "mental" and "nation of whiners"
- Washington Times
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