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CSF Study Says OC, Nation to Avoid Recession

IRVINE, CA-With the housing market facing more hard times, strong consumer spending should keep the nation out of a recession, according to a report by Cal State Fullerton.

By Daniel D. Williams | Updated on October 22, 2007

IRVINE, CA-”A painful, near-recession” is on the horizon, but a full-blown downturn will be narrowly avoided, according to Dr. Anil Puri, dean of Cal State Fullerton’s College of Business and Economics. Speaking to an audience of roughly 850 attendees at the Orange County Business Council’s (OCBC) annual Economic Forecast Conference yesterday, Puri outlined the hard, cold facts facing the national and local economy.

Puri said there is talk of a “superfund” bailout to the housing crisis, but noted it would be a mistake to go in that direction. “What we need is time, not a superfund to bail out the system. It will take at least a year, maybe longer, to get [the housing market] back to normal.”

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