U. of Michigan: Recession to Get Worse

The Michigan economists say the current recession won't be as bad as the recessions of 1974-75 and 1981-82, but it will be worse than the 1990-91 and 2001 slowdowns.

"Overall, the outlook is extremely uncertain, but any improvement clearly hinges on the return of a functioning credit market," Crary said. "Fortunately, economic crises of this magnitude are rare. The contractionary shocks to the economy have been severe and widespread. We expect, however, that the set of policies put in place to address the crisis will be successful."