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The latest in this series is a profile and detailed comments from economic forecaster Professor James F. Smith, Chief Economist, Parsec Financial Management, and Senior Fellow and Director, Center for Business Forecasting, Kenan Institute, University of North Carolina. In this issue, Dr. Smith explains why the economy was in danger of slipping into a recession in the second quarter of 2007, but that those fears have now subsided, and no recession is expected now in this year, or in 2008.
"My prediction, spelled out below, is that we’ll get through our current problem and see the expansion continue until at least 2010", says Dr. Smith, "Despite all the gloom and doom talk in the media and on Wall Street and the poor “Employment Report” released by the Bureau of Labor Statistics (BLS) on September 7, the reality is that the U.S. economy is still growing, albeit at a level well below its potential. There is nothing wrong with the U.S. and Euro Zone economies that lower interest rates won’t cure."
Read the full profile and his comments here: http://www.money-
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