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Edward E. Leamer, director of the well-respected UCLA Anderson Forecast and a guru in the bubblehead school of real estate economics, just gave the Los Angeles Times a taste of his bleak predictions for the nation’s economy.
Leamer’s comments, published in the Times on June 3, echoed the tone set by a number of other economists in the piece. They said the nation’s economy is not faring well.
“We have a sick sector, the housing sector, and there’s not a whole lot of medicine the [Federal Reserve] can provide,” the story quotes Leamer as saying.
The article says Leamer and his camp foresee dropping home sales contributing to an overall weakening of the economy and culminating in a stagnated growth rate of 2 percent.
“It’s been a drunken party for several years,” Leamer is quoted as saying. “Now, we have to deal with the hangover.”