Economists Fear It's Too Late to Save Economy

It may already be too late to quickly stop the economic tailspin triggered by the implosion of the housing market and booming energy prices, several experts believe, reports the New York Times. Perhaps the best that can be done is to make the crunch hurt a little less. “The question is not whether we will have a recession, but how deep and prolonged it will be,” said one analyst.

Any action taken now won't likely have an impact until much later in 2008, economists warn. The Bush administration and Democrats are considering nearly $100 billion in tax rebates, unemployment assistance and home heating aid, and the Fed is looking at cutting rates at least half a percent. (More US economy stories.)