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  1. “Meanwhile, Hoey does not see a major rebound in housing prices in 2009-2011 and expects prices to linger at depressed levels for some time to come.

    “Unemployment rates are going to worsen around the world, with the U.S. reaching 9-10% versus Hoey’s previous projection of 8.5-9%, he said.

    So … there’s going to be a recovery, except for that pesky consumer component?

    How will the economy recover, without the consumer spending?

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