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The downward spiral would take another turn.
ECONOMIST: When banks find it hard to borrow, so do the rest of us
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As if to pre-empt criticism that deficit reductions and cuts in the social safety net would send Europe into a deflationary spiral, the German leader tried to turn the focus away from the Old Continent.
WSJ: This Year, Davos Doesn't Deliver
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In turn, this fuels the downward spiral of more uninsured (or under-insured) patients and more ED visits for the decreasing number of emergency departments.
FORBES: Why Romney's Emergency Care Isn't Health Care
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And that in turn would lead to a further downward spiral of sales and prices which would make the impending economic recession even worse.
BBC: House prices fall but pace eases
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Tim Geithner, my incoming Treasury Secretary, reported that the financial system, shaken by the subprime crisis, had halted almost all lending, which in turn threatened to pull the broader economy in a downward spiral.
WHITEHOUSE: Job Creation and Economic Growth
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These stopped the spiral of declining asset prices, credit withdrawals and bank failures that had threatened to turn a recession into a depression.
ECONOMIST: Signs of economic cheer
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So we may witness a self-fulfilling death spiral: current shareholders expect to be wiped out in any recapitalization forced by the state, which will in turn lead to a need for state intervention.
FORBES: Not Your Garden Variety Recession...