Neither sounded good to me from a syntactical and semantic point of view. Issues: Why "was"? The recession is still with us.
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Anonymous1 as the evidence mounted that there was a full-blown recession, not only in the US, but globally, the panic really set in.#1 is OK,
2 as the evidence mounted there was a full-blown recession, not only in the US, but globally, the panic really set in.
thanks!