Economy experts attack the Bush government's disastrous fiscal management
and agree that it will take some time before there is an upturn in the
economy.


NEW YORK CITY, NEW YORK, UNITED STATES (OCTOBER 20, 2008) REUTERS -
Economy experts on Monday (October 20) slammed the Bush
government and former Federal Reserve Chairman, Alan Greenspan, for the
current dire economic situation in the U.S.A. and globally.
Global financier and billionaire philanthropist, George Soros, said a
turning point had now been reached and the impact of the financial crisis
would now be felt severely in the "real world."
Soros was speaking at a panel held by The Earth Institute at Columbia
University in New York and was joined on stage by Earth Institute director
Jeffrey Sachs and New York University economics professor Nouriel Roubini, one
of the first to warn about the U.S. housing bust.
Roubini thinks the U.S. recession will last 18 to 24 months and that
one of the lessons of the downturn is better regulation.
A series of grim economic reports in recent weeks have made clear that
even if unprecedented government measures to stabilize banks succeed in
restoring lending, the economy has been seriously damaged. Many analysts agree
that the United State is in recession.
Both Roubini and Sachs attacked the Bush government, saying that
Washington's laissez faire attitude and aggressive monetary policy was the
cause of the collapse. Sachs said that the crisis in the U.S. will severely
affect other economies and that global coordination is required to solve the
problem.
Roubini said the recession will be "long, protracted and
ugly," and that the U.S. unemployment rate will reach nine percent. He
thinks that if Democratic presidential candidate Barack Obama is elected, the
economic recovery will be faster than if Republican John McCain is
elected.