For an overwrought economy, the recession comes better late than never
Shortly after 4 in the afternoon last Thursday, President Carter looked firmly into the television cameras and announced that the economy "has slowed down and has probably entered a period of recession." After a staggering litany of bad economic news over the past month, there is now little doubt that the nation has ended the longest peacetime expansion in its history.
The wolf was supposed to arrive at the door about a year ago, but it was delayed by a bad case of inflationary psychology. For months consumers have been rushing out...
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