Comments from an economist (ZT)

Here are the comments about current economy from an economist. At present people do not respect economist\'s comments, but this is from his email to me.
********************************************

Obviously, the economy is in very bad condition right now, and not limited to the U.S., but probably about 80-90 percent of all other countries. Though there are many bad trends I still see the U.S. housing problem as the main cause of the global recession. Banks won\'t loosen lending until housing values stabilize - and housing values won\'t stabilize until banks loosen lending, it\'s a downward spiral and something needs to be done to address foreclosures or to get the mortgage market working again. The label of depression depends on how it\'s defined, but we know the recession began in December 2007 and it\'s possible that the difficulty could last until the end of 2009...whether we call it recession or depression, the overall point is that it\'s very bad.