Dessert Good, Outlook Bad At Economics Talk

Today at the Belo Mansion, one of the smartest economic experts in the world talked about the worldwide financial crisis. He didn’t make you very hopeful about things. Martin Wolf, an associate editor with the Financial Times, called the current meltdown “truly terrifying,” “a monstrous crisis” and “a great shock.” Then he really got bleak, saying “the dangers of a breakdown in the global financial system are enormous.” President Obama may be “able to stop the rot,” Wolf said, but not without a long and painful recession. Oh yeah: we should get used to big government deficits for awhile, too. Wolf’s luncheon talk was presented by Dallas’ National Center for Policy Analysis. At least the cheesecake was good.