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Broad Says Economy in Worst Slump Since World War II

Billionaire investor Eli Broad said the U.S. economy is in the worst recession since World War II and a recovery in the housing market is “several years” away.“This is worse than any recession we’ve had since World War II,” Broad, 75, said in an interview yesterday. Broad, the founder of homebuilder KB Home, said the U.S. should avoid a depression on the scale of the 1930s because the country now has sufficient “safety nets.”

With home sales and prices declining and consumer confidence at a 28-year low, “I don’t see it turning around very quickly,” Broad said. The economy expanded at an annual rate of 1 percent in the first quarter, the Commerce Department said last week. That caps the weakest six months of growth in five years.

“This is the worst period of my adult lifetime,” Broad said, speaking about the U.S. economy.

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