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Recession May Be in the Cards

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Recession May Be in the Cards

Economy

Recession May Be in the Cards

Recession May Be in the Cards

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New York Times reporter David Leonhardt assesses the state of the economy and says the recent housing bust has the potential to send the wider economy into a recession.

A job report the Labor Department released Friday shows the economy has weakened over the past year. It did not seem to suggest the economy was already in a recession, he said.

Leonhardt said President Bush's recent mortgage rescue program would help some homeowners stay in their houses longer, but because the plan is not designed to help everyone who is about to have mortgages reset, "its wider impact will probably not be huge."

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