WASHINGTON -- Investment giant Goldman Sachs said Wednesday the US economy is in recession or will soon be in a downturn stemming from housing and credit woes.
"The recent data suggest that the US economy is falling into recession," Goldman Sachs economists said in a research note. "We expect economic activity to contract modestly through late 2008, followed by a gradual recovery in the course of 2009."
Goldman's views came two days after Merrill Lynch said a recession was "a present-day reality" for the world's biggest economy.
I told you so? See Market Watch
I just wonder if we really need these organizations to tell us what we already know, whether we choose to admit it or not. I think most of us know deep in our bones what truth is and when we see it. Accepting and dealing with truth is another story, entirely.
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