NBER: US recession started in December 2007

I strikes me a bit, because all I hear the national radio wing nuts talking about is the "Obama Recession"...

http://www.google.com/search?hl=en&rlz=1T4GGIH_enUS236US236&q=%22obama+r...

I'm not sure how that was ever suppose to work, but maybe this will shut them up for a about 10 seconds...who I'm I kidding, fact never mattered before, why should they now.

http://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postver...

The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .

I suppose the wing nuts could blame it on the Democratic congress, after all they had been in power at the time for the last 11 of the previous 144 months…

Your rating: None Average: 5 (1 vote)

No one national administration or party is responsible for the meltdown. Clinton was loosening regulations just not as fiercely as GWB was. But both parties were asleep at the switch. Until we can find a party and candidate for office that really demands fiscal responsibility and adherence to law, we aren't going anywhere or doing anything different. The Dems and Repubs are both bankrupt in my book.

My economy started going bust when they enforced the smoking ban. That was two years plus ago. My business's gross revenues dropped massively after the state ban was passed. What ticks me off are the people who claim that the ban had no affect on business revenues. They're idiots and know nothings. Now we are all in deep doo-doo, including the anti-private property, anti-smoking people. I get some small amount of Schadenfreude from that.

I have to say, however, that when GWB, probably the most disastrous president we've ever had, says, "I'm sorry [the recession is] happening, of course," I have to vomit on my shoes. He does bear most of the responsibility for this mess as he does as well for the terrible state of our foreign policy. He was a horrible president.

http://hosted.ap.org/dynamic/stories/B/BUSH_INTERVIEW?SITE=AP&SECTION=HO...

I told you folks that the government would never admit what's happening, or would only admit it once it was over. The real workforce in Toledo has been in a Recession since 1998-2001, depending. Since we're now in a Great Depression (II), admitting a recession is just another distraction technique. In effect, the Recession is over, and the Depression phase has now begun.

We'll be in the Depression for a good 4 years before any government element finally admits it, and by then it will largely have spent itself and will have crushed the middle class.

You people need to stop making payments on stupid shit, and get flush with CASH. If you're saddled with payments while your income collapses, you're risking becoming "homeless". Of course, since there is a huge glut of housing, your homelessness will vary depending on your willpower. Move in with friends or family. This will create an even bigger glut, and then people will find it fairly easy to buy a house for cash -- WHICH IS HOW IT SHOULD HAVE BEEN ALL ALONG.

This reminds me of that survey, in which Americans "felt" like we were in a recession. To which, several pundits chimed in with the Do-they-even-know-what-recession-means-reply. Where are those folks now?

Pink Slip
A "threat to our political system"

Pink Slip

and I think you and I both know who you're referencing . 'Things are not all that bad'...'The media is being overly negative.' I believe that was the essence of the argument.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.