The Vision Thing
By Paul Krugman

This is the way the recovery ends — not with a bang but with a whimper

O.K., I could be wrong. Industrial production is falling and layoffs are rising. But it's still not a sure thing that the months ahead will be bad enough for the business-cycle referees to declare a renewed recession. And on the other hand, the administration seems determined to have a bang sometime before Nov. 5.

But right now it looks as if the economy is stalling, and also as if the people in charge have no idea what to do. In short, it's feeling a lot like the early 1990's. [read more]