US economy: Broad Says Economy in Worst Slump Since World War by Anthony Massucci and Erik Holm II
Billionaire investor Eli Broad said the U.S. economy is in the worst recession since World War II and a recovery in the housing market is ``several years'' away. ``This is worse than any recession we've had since World War II,'' Broad, 75, said in an interview yesterday. Broad, the founder of homebuilder KB Home, said the U.S. should avoid a depression on the scale of the 1930s because the country now has sufficient ``safety nets.'' With home sales and prices declining and consumer confidence at a 28-year low, ``I don't see it turning around very quickly,'' Broad said.
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