Posted: Monday, 06 October 2008 2:41PM
NYU Economist: This One is Different
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ALBANY, N.Y. (AP) -- An economist who has studied past recessions in New York says this one could be different.
Rosemary Scanlon, a professor at New York University and consultant who once worked as a deputy state comptroller, says the coming recession could hit all corners of the economy and go well beyond Wall Street and the finance sector. She says there is a possibility of severe recession nationwide.
Scanlon also tells a gathering at the Rockefeller Institute of Government in Albany on Monday that this economic downturn has a wild card because $1 trillion of the nation's financial reserves are held in investments by China.
Scanlon oversaw New York City's finances in her days at the state comptroller's office. |
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