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At AEI conferences in December 2007 and April 2008, the same five AEI economists had widely divergent views about the direction the economy would take, but all agreed that things would become clearer when more data were available about the scope of market turmoil and the health of the economy. In the five months since the last conference, the conditions in the credit markets at first seemed to be improving, but the recovery fell apart in September, requiring government bailouts of AIG, Fannie Mae, and Freddie Mac; the bankruptcy of Lehman Brothers; and the acquisition of Merrill Lynch by Bank of America. Where the current turmoil in the housing and financial markets will lead is still in doubt today, and with the election one month away, the stakes could not be higher. At this event, the panelists will provide their assessments of the present and future of the financial markets and the economy and will identify what actions--if any--policymakers should undertake. AEI’s Peter J. Wallison will moderate.

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