Hard Times A-Coming

The Bush Dollar Trap

By Dave Lindorff

The first government response to America's sinking economy was denial. We were told as recently as a month ago by administration officials and Wall Street charlatans that the economy was robust and that there would not be a recession. Now we are told that the economy is in trouble, but that the government is taking decisive action to shore it up. Continue

A Recession, If It Comes, Could Be Worse Than Those of Recent Past

By JUSTIN LAHART

The U.S. has suffered recessions only twice in the past quarter century, and both were short and mild. But there are good reasons to fear that the looming recession, if it arrives, could be worse. Continue

Worries That the Good Times Were Mostly a Mirage

By DAVID LEONHARDT

The recent financial turmoil has many causes, but they are tied to a basic fear that some of the economic successes of the last generation may yet turn out to be a mirage. That helps explain why problems in the American subprime mortgage market could have spread so quickly through the world’s financial system. Continue