New York Times, March 2009

“Downturn Hurts Expectations in Portland”
The New York Times, March 26, 2009, A1

Peter Goodman’s article explores how the recession is playing out in Portland, and shows how business and consumer pessimism about economic conditions in cutting in to spending and investment, further weaking the economy.

“You could fix all the problems in the financial system and we’d still spiral down because of the problem of expectations,” said Joe Cortright, an economist at a Portland-based consulting group, Impresa Inc.

Although the article focuses on Portland, the same problem, contagious pessimism, is a challenge nationally.