Economists warn about second wave of crisis

At a recent industry conference, Pippa Malmgren, an economist who specializes in political effects on the financial market, described how Phase II of the financial crisis is on its way, although the timing remains a mystery. Malmgren was followed by Benn Steil, a fellow at the Council of Foreign Relations, who also offered a bleak outlook. Phase II is expected to start when the government starts working to pay for stimulus programs.

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