While filming Deregulating Greed I spent a few weeks emailing Paul Krugman, the economist who writes a column for the New York Times and picks up Nobel Prizes when he has some extra time.
Professor Krugman was more than willing to be interviewed for the film. The only real problem was finding time that fit both of our schedules. In the end I could only squeeze in an esteemed economist from a New England college. Mr. Krugman and I never got our chance to sit down and discuss the future of the American/World economy.
This morning on ABC professor Krugman spoke out about just where the economy is today. Since the Fed continues to try its best to paint a rosy picture of a recovery in bloom, and while thousands continue to lose homes and jobs, there seems to be a reasonable expectation that we are neither recovering or about to jump off into the abyss. Here is what the good professor had to say this morning.
"We've got a problem with terminology because we usually say either the economy is in recession or the economy is recovering. Either you're in hell or you're in heaven. And the trouble is we're actually in purgatory. We're actually in a situation almost for sure GDP is growing; almost for sure the business cycle leading committee will eventually decide the recession ended this summer. But almost surely also we're still losing jobs. The unemployment rate is going to continue to rise. So we're in that infamous jobless recovery state."
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