I am fascinated by the way various segments of the society are responding to our economic downturn. Take the professional economists, especially the ones who have graduated from the Ivy League schools. Though circumstances, people, the mood of the country may all change, the economic principles which influence their thinking are as fixed as a slab of concrete. There is no way, according to some of them, that America can possibly be in a recession unless it meets every criteria contained in their textbook definition of a recession. Fortunately, most of them will probably never open the refrigerator door and find it empty and then find their pockets empty of money to buy more food. So, possibly, a recession will always be to them, a combination of academic principles. They can afford to think like that.
Big business owners, politicians evade pressure of recession
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