How Deep Will Recession Go?; Fed's Historic Rate C...

Meyer served as Fed governor from 1996 to 2002; Fed cut rates to near zero, says it will do whatever necessary; Krugman won 2008 Nobel prize in economics; Nearly 2 million jobs lost since beginning of year; Some say U.S. economy will contract 5% in current quarter; Stimulus could be worth 7% of total U.S. GDP; Obama says stimulus will focus on infrastructure, tax cuts; White house "close" to deal on auto bailout, spokeswoman says; Treasury could tap TARP funds to save automakers; Paulson has spent nearly all of first batch of $700 billion; Analysis by Laurence Meyer, former Fed Governor; Analysis by Paul Krugman of Princeton University