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Friday, November 2, 2007
Stockbroker and business analyst David Johnson chats with Tess Vigeland about what happened on Wall Street this week and what may lie ahead.
Wall Street sign (iStockPhoto)
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I am not buying the whole "there might not even be a recession, and if there is one, it will be brief." If oil prices continue to rise, driving inflation, the Federal Reserve will eventually be forced to raise interest rates in the middle of a slowdown. We are already seeing signs of a Japan style "liquidity trap" which is preventing the free flow of money from the banks to Main Street. I think the government's efforts to bail out the housing market will be about as effective as the response to Hurricane Katrina...
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