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Harvard Grads See Slow Recovery
A full U.S. economic recovery is years away, according to a survey of Harvard Business graduates.
The survey, by Zenais Marketing, included 900 graduates of the Harvard Business School class of 1989.
In the survey, 68 percent said the economic recovery is still two years away, and 30 percent of them think the recovery may take as long as five years. Reasons cited for the nation’s recession included poor underwriting of mortgages, lack of proper regulation of the banking sector, subprime borrowers over-reaching and insufficient controls on securitization.
“Clearly we are nowhere near an ‘uncork the champagne’ moment,” said Zenais president Paul Feldman. “Rather, the raw data and anecdotal feedback from this group of business leaders emphasize that debt levels at all junctures of the U.S. economy…are excessive.”
More than two-thirds of the respondents said they felt the economy was either stabilizing or improving, and 30 percent said the situation is getting worse.
Jeff Clabaugh writes for the Washington Business Journal
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