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NASHVILLE, Tenn. — Yes, Virginia, there is a recession, said Moody’s Economy.com’s Director of Macroeconomics Gus Faucher in an exclusive interview with Credit Union Times prior to his presentation at ACUMA’s Annual Spring Conference here. The good news is that it will be short and mild, with gross domestic product picking up again in the latter part of the year.

Filling in for an ailing Mark Zandi, founder of Moody’s Economy.com, the economics Web site, who correctly identified the housing bubble before it became evident to other economy watchers, Faucher acknowledged that “things just couldn’t go on the way they were going.”

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