Famous Economist Predicts "No Recession"

Ed Leamer, the director of Forecasting at UCLA, has this to say about the economy:

Brushing aside conventional wisdom, UCLA economists say California and the nation will survive the housing slump and job losses without plunging into recession -- although it will still be miserable for many Americans. "We are holding firm: no recession this time," UCLA Anderson Forecast Director Edward Leamer said in a report being released today. . . .

Note: Ed was a professor of mine at UCLA.