A Contained Depression

The economy may be turning the corner, but it's going to take a very long time to return to normal, predicts David Levy of the Jerome Levy Forecasting Center. - If you're breathing a little easier because the Great Recession seems to be ending, consider this: the U.S. economy may remain in a "contained depression" for months or years to come. That warning comes from economist David Levy, chairman of the Jerome Levy Forecasting Center, an economic research and consulting firm. Levy originally coined the term to describe the recession of 1990-1991 and the subsequent halting, jobless recovery. Earlier this week he talked with CFO about the prospect of a similar scenario unfolding today. An edited version of the interview follows... CFO: A Contained Depression