The A-List: Roger Altman - America and Europe are on the verge of disastrous recession

The A-List: Roger Altman - America and Europe are on the verge of disastrous recession For the American and western European economies to decline again, when unemployment levels are already so high, would be disastrous. It would shock consumers, businesses and financial markets. Fearful, they would retrench further, causing the economic decline to accelerate. Weak labour markets would get even worse, as would the already swollen government deficits and debt. Overall, we could be in for a repeat of the experience of 1937, when America fell back into recession after three years of recovery from the Great Depression.
http://link.ft.com/r/R5WAEE/PF1UNI/0GB0NQ/YBHTR3/5V70NW/T3/h?a1=2011&a2=9&a3=21