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Amity Shlaes Does Not Know What a Recession Is

Posted on July 12, 2008

According to Amity Shlaes, Phil Gramm is correct -- there is no recession so just stop whining: Consider what happened this week. While speaking with the Washington Times, Gramm said that the country was not in a true recession but a mental recession. He also said, We have sort of become a nation of whiners and You just hear this constant whining, complaining about a loss of competitiveness, America in decline. Gramm was right about the recession and stood by his recession comments on Thursday. A recession is two consecutive quarters in which the economy shrinks, and last quarter it grew....

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