Are we or aren't we (in a recession, that is)

We aren't going to argue with a Nobel Prize winner. And especially not about this:

"Is the U.S. in a recession? My answer is no. (Looking at the past four quarters) growth is a little bit below trend, not way below. Will the U.S. enter a recession soon? ... No, not unless the U.S. increases tax rates or closes off from the rest of the world ... or shifts to an anti-productivity policy, I doubt that will happen."

-- Edward Prescott, Senior Monetary Advisor for the Federal Reserve Bank of Minneapolis and 2004 economics Nobel Prize winner in a speech at the Bank of Finland on June 12.

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