U.S. May Be in `Very Long' Recession, Harvard's Feldstein Says

Feldstein said today's gross domestic product figures reinforced his view that the economy entered a recession in December or January. GDP shrank at the end of 2007 and grew less than forecast in this year's second quarter, the Commerce Department reported today.

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If we do end up dating the recession as beginning at the end of last year, it could be a very long recession,'' he said.