Jack Gage, Forbes Magazine Associate Editor joined the John Gambling Show 12.02.08

Forbes Magazine Associate Editor Jack Gage joined the John Gambling Show to discuss the news that the U.S. has been in a recession for the last year. With a huge down day on Wall Street yesterday, what does this mean going forward and how long will it last?

Gage said that we are now in a 12 month long recession but we might be only 4 months away from being out of this economic mess. He said that the way out is not to spend anymore, but that a massive tax cut would be a greater stimulus to spur investment in the private sector. He said even President Elect Obama has proposed post poning the expiration of the Bush tax cuts in 2010 or 2011 or may even consider an income tax holiday for consumers to help with the economic situation. 

Gage added that trying to overhaul the economic system mid-stream here is not the way to go - however improving on what we have is the key. He said twhere he bailout money has been allocated and what it has gone to has left him perplexed - Gage said that once banks start lending again then we can gauge if the bailout money has worked.

Finally, Gage said that this financial crisis has humbled Wall Street and the Goldman Sachs of the world will not be back to where they were 5 years from now. And that is the reality the high rollers and big bucs on Wall Street need to face during this volatile time.

Want To Know More? Click Below:

It's Official: We Are In A Recession