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Eli Broad: Economy in Worst Slump Since WWII

Posted on July 02, 2008

More straight talk from an old hand in the building sector: Billionaire investor Eli Broad said the U.S. economy is in the worst period'' of his adult life as a housing market recovery remains several years'' away. This is worse than any recession we've had since World War II,'' Broad, 75, said in an interview yesterday. Broad, the founder of homebuilder KB Home, said the U.S. should avoid a depression on the scale of the 1930s because the country now has sufficient safety nets.''The economy expanded at an annual rate of 1 percent in the first quarter, the Commerce Department said last wee...

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