Hillary drops the “R” word -- doesn’t everybody?

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At the Democratic debate in New Hampshire yesterday, Sen. Hillary Clinton dropped the ‘R’ word, observing, ‘I think the economy is slipping toward a recession.’

Partly, that’s the partisanship speaking -- you can expect the eventual Democratic nominee to talk down the economy all the way until November, and blame it all on Republicans.

But it’s also a reflection of shifting conventional wisdom. Calculated Risk, a smart blog about the economy, notes the discussion is shifting from whether there will be a recession to how severe it will be: ‘Many analysts gathered at the American Economic Association’s two-day annual meeting spoke of a recession as almost a given but differed over how severe it will be.’

This shift is bad news for the economy, of course. But it is also vindication for housing bubble bloggers and those who fill those blogs with comments -- your average bubble blogger saw this coming a long time ago, and said so. I’m not talking about myself -- I’m a little late to this party, as I only began writing this blog in April. But give credit where it is due: The bubble bloggers were right.

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Photo Credit: L.A. Times