Tuesday, July 01, 2008

Worst Recession Since World War II?

From Fortune Magazine:
Eli Broad, the billionaire investor and KB Home (KBH) founder, says we’re in the worst recession since World War II, and that a housing market recovery is years away. In an interview with Bloomberg, Broad also said that the banking industry may need to raise even more money to protect against bad loans — a grim prediction for an industry that has already posted about $400 billion in accounting losses.

1 comment:

  1. What Broad really means is since the depression; this quagmire is likely to last along time until the needed economic reforms are made.