Last month, well after several of Wall Street’s financial institutions had collapsed, Secretary of State Condoleezza Rice curiously claimed that “the fundamentals of the U.S. economy are strong.” In an interview with BBC yesterday, Rice again made the same argument, saying that the economy is “big and strong”:
RICE: But while the U.S. economy has slowed, it is still an innovative economy, a creative economy, the economy in which still more than one in every 10 patents in the world are done in a very small area in California. This is a big and strong economy. And I doubt very seriously that it’s going to be supplanted by any other economy in the world for a long, long time to come.
“[T]he nation is in recession. The recession is coast to coast,” said Mark Zandi of Moody’s Economy.com today, noting that 27 states are in recession and another 14 are near recession.
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