I've been stating for at least 6 months that we have been in a recession all year, and have even "eaten crow" about the fact that I could not defend my position to the Freepyannas who have to have it broadcast on an IMAX screen before they even consider believing it.
I knew we have been in a recession all year. It is flaming obvious to anybody who has been out of work for months or anybody who has been trying to expand a business.
From October 22, although I have been saying this since spring!
FWIW, I have felt we’ve been in a true recession all year, masked by fraudulent government accounting, off the books war spending and a tax-payer funded $150 Billion shopping spree. I get lambasted thoroughly every time I say this and am routinely commanded to prove we are in a recession. I agree we are in a recession and even the pundits are saying 3rd quarter GDP numbers will be negative. The recession is too deep to hide anymore.
I wasn't alone. There were others, such as this from NVDave on October 22.
I believe (and have stated before here on FR) that I thought that the earliest signs of the recession were see in December ‘07 to Jan ‘08. Starting in August, the recession was undeniable, but too many people were pointing at only the headling GDP number (3.3%) which was mostly based on exports and a broken GDP deflator.
All the while, we were doubted by a parade of people such as mlocher who said this...
I am not calling you a conspiracy nut, but I would like to see the data that is driving you to this conclusion. Can you provide that please?
when I said this...
We have been in a recession since last December but the cooked government numbers don’t admit to that fact. Unemployment is higher than 6.5% but the cooked government numbers don’t admit to that fact. Yes, I sound like a conspiracy nut, but the fact is I know the truth and the government doesn’t want you to know the truth
The Freepyannas just couldn't believe we were in a recession unless the GOVERNMENT confessed to it. Do your OWN homework. Figure the facts out for yourselves. Don't wait until after months of government lies designed to artificially bolster consumer confidence to come to the obvious conclusion. Open your eyes and just look.
Still and all, it is nice, joined with a handful of other astute observers here, to be finally...
We Are Vindicated!
I was right all along, despite suffering a parade of Freepyanna jeers. "Those who don't know history are condemned to repeat its mistakes."
Lol. Don’t let the pollyannas grind you down. That same crew couldn’t spot the mother of all housing bubbles as well.