U.S. markets tumbled nearly 4% Thursday erasing any gains made in 2011 on fears that the U.S. and global economy are headed for yet another recession two years after the "Great Recession" ended.
In a matter of just days, the overall outlook has gone from plugging along to a dramatically sever downshift. But after today's better than expected July jobs report, U.S. futures have rallied and time will tell where we go from here.
Glenn Hubbard, Dean of Columbia Business School and the top economic adviser to President George W. Bush during his first term, joined The Daily Ticker's Daniel Gross to shed some light on whether another recession is really ahead.
Hubbard believes the "likeliest outlook for the economy is one of very slow growth over the next couple of years" and not a full-blown recession. Slow growth means 2% to 2.5% GDP each quarter. Those numbers may seem doable and like reasonable growth, but it is really not enough to bring the U.S. economy back from the lows of the last recession.
Media & TV Appearances
YAHOO FINANCE - Economic Risks Have Risen but a Recession Isn't Likely
In a matter of just days, the overall outlook has gone from plugging along to a dramatically sever downshift. But after today's better than expected July jobs report, U.S. futures have rallied and time will tell where we go from here.
Glenn Hubbard, Dean of Columbia Business School and the top economic adviser to President George W. Bush during his first term, joined The Daily Ticker's Daniel Gross to shed some light on whether another recession is really ahead.
Watch the video on YahooFinance.com
The Good News
Hubbard believes the "likeliest outlook for the economy is one of very slow growth over the next couple of years" and not a full-blown recession. Slow growth means 2% to 2.5% GDP each quarter. Those numbers may seem doable and like reasonable growth, but it is really not enough to bring the U.S. economy back from the lows of the last recession.