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Published on Saturday, October 04, 2008
By LA Daily News Staff Writer
Economist Christopher Thornberg uses one word to describe this economic mess: recession.
"This is going to be a nasty one," Thornberg, a principal at Beacon Economics and a former economist at UCLA's Anderson Forecast, said late Friday afternoon.
Thornberg ranks this downturn alongside the recessions in the early 1970s and 1980s. The one in the early 1990s, he said, will seem mild by comparison.
He believes this recession started in last year's fourth quarter and will last until the second or third quarter of 2009. After that, we'll just muddle along.
Thornberg doesn't expect any meaningful growth until the second half of 2010.
But what about that $700 billion-plus Big Daddy of Bailouts that Congress passed and President Bush signed on Friday?
It will enable the federal government to buy up a bunch of those toxic turkeys that were passed off as home loans
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