NEWSMAX: Both the United States and Europe are probably already in recession – and if they’re not, they soon will be, says former FDIC chairman Bill Isaac….
Isaac, who headed the Federal Deposit Insurance Corporation in President Reagan’s first term, was speaking on the day the Dow Jones Industrial Average fell 419 points to close below the 11,000 mark. “I don’t know of anybody who could be bubbly about this economy right now,” he said.
But he said there is a way out. The markets “would applaud and would take off in a very positive direction” if politicians got together and agreed to reduce entitlement spending over time, adopted a flatter tax system with few, if any, deductions and moved to a “more normalized” monetary policy. (more)
