Marty Feldstein: We've got a long way to go
CNBC:
Economic Recovery 'Has Long Way to Go': Feldstein
The economy is headed for a “very long and damaging economic downturn” that will not see any recovery in 2009, well-known economist Martin Feldstein told CNBC on Wednesday.
“We’ve got a long way to go before this [economy] turns around,” he told CNBC and said this recession is “worse than anything we’ve seen since the 1930s.”
Feldstein, former chief economist for President Reagan and now president emeritus of the National Bureau of Economic Research, said the Federal Reserve’s recent efforts to stimulate the economy would be ineffective in the long run because they are not targeting the real problem that is causing the downturn...