Scaling back forecasts..."Our revised forecasts show the US and the euro area hovering dangerously close to a recession — defined as two consecutive quarters of contraction — over the next 6-12 months," Joachim Fels, who co-heads Morgan Stanley's global economics team, said in a research note dated Wednesday.
Most folks see the U.S. headed the wrong way. Thanks Barack!
Just a number of headwinds...But White House spokesman Jay Carney acknowledged at a news conference that growth has slowed as the economy grapples with the effects of high energy prices and other challenges, including the Japanese earthquake and the U.S. debt limit debate.
"There have been a number of headwinds this year," he said.
Good to know...I was starting to worry.
