What's All This Talk about a Recession
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After the dot.com bubble burst, America's economy took a tumble. But the results of the sub-prime mortgage crisis could be a full-on recession. What would that mean for US consumers, not to mention the global economy? If it's inevitable, should it happen now rather than later? Also, Pakistani President Musharraf gives in to domestic and international pressure, and in Sudan, 40 lashes for insulting religion;
in Saudi Arabia, 200 lashes for a victim of rape. Are such sentences
true reflections of Islamic law?
Photo: Justin Sullivan/Getty Images
Making News
President Musharraf Leaves Pakistani Army Post ()
Pakistan's President, Pervez Musharraf, said today that "the army has been like a family to me." But, under heavy domestic and international pressure, he gave up his uniform, resigning as chief of staff. Carlotta Gall reports from Lahore, Pakistan, for the New York Times.
Guests:
- Carlotta Gall: Correspondent, New York Times
Main Topic
A Recession on the Horizon? ()
In the past few days, the word "recession" has worked its way out of the business sections onto the front pages of newspapers and the covers of magazines. "Everyone knows…another recession is inevitable sooner or later. Some indicators now suggest that it might be sooner." The New York Times, the Wall Street Journal and the Financial Times are headlining stories about a coming recession. Back in August, the Economist asked, does America need one? The sub-prime mortgage crisis and the end of easy credit are putting a damper on consumer spending, which has been driving the economy. Does that mean recession's inevitable? Could it be stopped or at least postponed? Would there be benefits to getting it over with sooner rather than later?
Guests:
- Robert Samuelson: Contributing Editor, Newsweek and the Washington Post
- Tom Donlan: Editorial Page Editor, Barron's National Business and Financial Weekly, @barronsonline
- David Shulman: Senior Economist, UCLA Anderson Forecast
- Robert Manning: Professor of Finance, Rochester Institute of Technology
- Paul Farrell: Columnist, Marketwatch.com
Links:
- Farrell's article on why America needs a recession
- Manning's 'Credit Card Nation: The Consequences of America's Addiction to Credit'
- Samuelson's (Newsweek) column on the American dream
- In Debt we Trust (film)
- Robert Shiller's 'Irrational Exuberance'
- Fortune magazine's recent cover story on recession
- Citigroup's deal with Abu Dhabi Investment Authority
- Federal Reserve's 2007 Beige Book
Reporter's Notebook
Harsh Sentences for Women in Saudia Arabia, Sudan ()
In Sudan, a British teacher could get 40 lashes for allowing students to call a Teddy bear Mohammed. Gillian Gibbons, a 54-year-old British teacher, was charged with insulting religion and inciting hatred. If she's convicted, she could be subject to prison, a fine or 40 lashes. In Saudi Arabia, a 19 year-old rape victim faces 200 lashes. Bernard Haykel is a professor of Near Eastern Studies at Princeton University and the author of Revival and Reform in Islam as well as a forthcoming book on Wahabism.
Guests:
- Bernard Haykel: Professor of Near Eastern Studies, Princeton University
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