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Recession is upon us

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The chief economist for the nation's largest home builder trade group said today that the country is clearly in a recession. "It's now clear that we have entered what we anticipate will be a mild recession, running through the first half of this year, and there are substantial downside risks to this economic scenario," said David Seiders, of the National Association of Home Builders, in a statement today. Seiders joins a growing chorus of experts, including former Federal Reserve Chairman Alan Greenspan, who say the country is in the midst of a recessionary period. In a February economic forecast, Seiders had said that there is "a nearly even chance" that the economy will slip "into the red zone during the first half of the year." And in an August 2007 presentation about the credit crunch, Seiders said that the scope of the housing market contraction "certainly rivals the 1990-91 contraction when we did have an economic recession," an...