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Where the economy is headed in '09

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Robert Reich and Barack Obama
President Barack Obama greets former Labor Secretary Robert Reich and others during a meeting with some of his top economic advisors on July 28, 2008 in Washington, DC.
Photo by Chip Somodevilla/Getty Images

As the economy continues its downward spiral, renowned economist and former Secretary of Labor Robert Reich lays out his thoughts about what lurks around the financial corner in 2009.

Reich has served as an economic adviser to Barack Obama, and recently testified before Congress on the need for a massive economic stimulus package.

Reich delivered the annual Bank of America-Walter E. Hoadley Economic Forecast at the Commonwealth Club of California earlier this month.

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Robert Reich and Barack Obama
President Barack Obama greets former Labor Secretary Robert Reich and others during a meeting with some of his top economic advisors on July 28, 2008 in Washington, DC.
Photo by Chip Somodevilla/Getty Images