Like father, like son

It looks like this Bush will close out his Presidency with a recessionary economy as well.

BOCA RATON, Florida (Reuters) - The United States is in a recession that could be "substantially more severe" than recent ones, National Bureau of Economic Research President Martin Feldstein said on Friday.

"The situation is very bad, the situation is getting worse, and the risks are that it could get very bad," Feldstein said in a speech at the Futures Industry Association meeting in Boca Raton, Florida.

"There's no doubt that this year and next year are going to be very difficult years."

Batten down the hatches mates, rough seas ahead.