Next downturn will be worse, say experts

The world’s major economies are skating on dangerously thin ice and lack the fiscal, monetary, and emergency tools to fight the next downturn. Crisis veterans fear an even more intractable slump than the recession that followed the collapse of Lehman Brothers 10 years ago. And the experts have a dire warning. “We have no ability to turn the economy around,” said Martin Feldstein, the president of the US National Bureau of Economic Research. Business, page 1