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Unformatted text preview: Political Bulletin Wednesday, November 28, 2007 WASHINGTON NEWS New Economic Reports Spark Recession Fears A slew of economic reports out yesterday painted a bleak picture of the US economy, leading some to believe a recession is looming. Congressional Democrats appear to think so. The Hill reports they "will focus on the economy next week in an effort to win political advantage from public fears about an approaching recession." Democratic Caucus Chairman Rahm Emanuel "explained the party's thinking, saying, 'The executive branch gets credit for a good economy and a bad economy. That's how it works.'" The New York Times , in an article titled, "Home Prices Post Big Drop In Survey," reports that in the third quarter of this year prices of single-family homes "fell 4.5 percent nationwide compared with a year ago," according to the Standard & Poor's/Case-Shiller National Home Price Index. That was "the largest drop since records for the index began in 1988. A separate survey by S.& P./Case-Shiller of home prices in 20 major metropolitan areas showed a drop of 4.95 percent in September from a year ago, the biggest decline in more than six years. September from a year ago, the biggest decline in more than six years....
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