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Expert: Recession is Coming, But May Not Be That Bad in Illinois
A recession is coming, but it may not be as bad in Illinois compared to the rest of the nation, according to a University of Illinois at Chicago professor.

Robert Chirinko, professor of finance, says if Chicago wins the 2016 Olympics, it will help the economy during a slow period. He also says the way Illinois' economy is structured, any bailout package would help.

"It's my impression that Illinois is driven a lot by trade and exports and I think the exchange rate movements that are likely to occur with a bailout package are likely to benefit the state of Illinois disproportionate relative to the country as a whole,” Chirinko said during a presentation by the U. of I. Institute for Government and Public Affairs. "I think it’s an exchange rate-driven effect that’s going to be key for Illinois."

On the rest of the nation, Chirinko says for the remainder of 2008 and into 2009, we will have a "long and painful recession." He says it's the result of a soft economy and a soft housing market. He says a bailout would help some of the problems but will raise the deficit.

(Source: Illinois Radio Network)
10 01 08 by Newsroom
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