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"We are prepared for downturns".
High-skill economies can overcome temporary downturns.
During downturns banks spend less on research.
The following chart shows the two downturns.
Credit difficulties contributed to earlier downturns.
"When there are downturns, I'm very pleased.
"This is milder than prior downturns.
There are always upturns and downturns".
So far, the downturns have been brief.
Spain, Portugal and Ireland are already in downturns.
Another is that housing slumps are rarer than stockmarket downturns.
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