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1981 Press Photo Recession, Sumichrast, doomsday

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Caption: Experts: RepDOOMSDAY, from Page 1Bworse than one of 1980-81. There would have to be unemployment of 11 or 12 percent (currently about 5.5 percent). The price of money would have to go up 16, 17 or 18 percent (interest rates are about 11 percent)."At that point, you might see a 20 percent drop in home prices. Nobody would be able to sell a house."In the Washington area (where Sumichrast lives), there are 60.000 or 70,000 listings per year. Only 5,000 of those homes would sell."Home prices would drop accordingly.But such a recession, he feels, could be brought about only if Congress and the president continued to ignore the federal budget deficit and there was some major political shift worldwide."If foreign countries were to stop lending us money and there was a..

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