NYU economist: This financial crisis is different

Story Created: Oct 6, 2008 at 1:23 PM EST

Story Updated: Oct 6, 2008 at 1:23 PM EST

ALBANY, N.Y. (AP) - An economist who has studied past recessions in New York says this one could be different.

Rosemary Scanlon, a professor at New York University and consultant who once worked as a deputy state comptroller, says the coming recession could hit all corners of the economy and go well beyond Wall Street and the finance sector. She says there is a possibility of severe recession nationwide.

Scanlon also tells a gathering at the Rockefeller Institute of
Government in Albany on Monday that this economic downturn has a
wild card because $1 trillion of the nation's financial reserves are held in investments by China.

Scanlon oversaw New York City's finances in her days at the state comptroller's office.

(Copyright 2008 by The Associated Press. All Rights Reserved.)
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