Recession began a year ago, economists say

Marketwatch ^ | Dec. 1, 2008 12:40 p.m. EST | Rex Nutting, MarketWatch

[Larry Lucido]

And any recovery will be dated Jan. 20, 2009, noonish.

[The_Victor]

The U.S. economy entered a recession in December 2007, a committee of economists at the private National Bureau of Economic Research said Monday.

"We've gotta hurry up and pin this on Bush before he gets out of office."

[RexBeach]

I voted for that recession before I voted against it!

[mnehring]

When did they change the definition of a recession?

[ClearCase_guy]

"A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators."

"A recession is a decline, of a size which we recognize when we see it, lasting a length of time which seems long enough to us under certain circumstances, and visible in data fields which we cherry pick to suit our agenda."

It's not quite a science, it does what it's supposed to do (i.e. blames Bush).

[henkster]

A Ball State University economist spoke to our Chamber of Commerce last month; he said basically the same thing, although he thought it began in late spring or early summer.

The prof also said the recession would end this spring, although “recession-type effects” would be felt into 2010.

Very interesting to listen to him; when asked whether he favored bailout or bankruptcy for American automakers, he corrected the questioner by stating that it is really a bailout for the UAW. He favored bankruptcy reorganization to correct a bad business plan.

[misterrob]

From AP: The decision on the recession means that during the eight years that Bush has been in office, the country has seen two recessions. The first downturn lasted from March 2001 until November of that year.

[Gondring]

Very interesting to listen to him; when asked whether he favored bailout or bankruptcy for American automakers, he corrected the questioner by stating that it is really a bailout for the UAW. He favored bankruptcy reorganization to correct a bad business plan.

Wow! In my experience, it has been uncommon to find an economist with such clarity of thought--and candor.

[Ernest_at_the_Beach]

Hope he has tenure.

[mrsmith]

I hope he at least mentioned the definition of a recession- and that he wasn’t using it.

Can’t argue with his point though.

A spring turnaround seems optimistic.

[stuartcr]

But a year ago, everyone said the economy was doing great!!!

[goodwithagun]

The same time they (MSM) changed the definition of WMD.

[org.whodat]

When did they change the definition of a recession?

Probably the same time they changed the calculation for the unemployed.

[Lazamataz]

When did they change the definition of a recession?

Whenever they feel like it.

AND YOU'LL LIKE IT!

[SevenMinusOne]

Economists say all sorts of BS - Seems to be part of their job descriptions (especially the University one's).

2QTrs of negative growth is the best and most long held indicator, of course that can't be allowed, for fear the MSM can't blame GWB for this.

Reality is we are likely headed into a longer Obama recession (of which the MSM will never call it).

[jaydubya2]

"The NBER does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries. Instead, it looks for a decline in economic activity, spread across the economy and lasting more than a few months."



I guess a recession is whatever you want to make it.

[Revolting cat!]

Since they repeatedly failed predicting it forward (who said that the economists had predicted six out of the last two recessions?), they’re predicting it backwards, with similar scientific accuracy.

[Road Warrior ‘04]

Didn’t Bush inherit a recession from March of 2000? Yes he did!

[bw17]

Holy smokes! It took just 11 months for the Democrats to drive us into a recession.