It’s official: US has been in a recession all year!!!

WOW!!! Finally official word that we are in a recession and have been for the past year! That’s like telling passengers on a sinking ship that the ship is sinking AFTER THE FACT! Brother!!! I would like to know what type or model Crystal Ball these guys at the National Bureau of Economic Research are using. Most of the local vagrants and homeless have known we have been in a recession for the longest time. If it took them this long for the announcement I wonder when they will Officially announce that we are in a DEPRESSION!!!

There is an old joke among economists that states:

A recession is when your neighbor loses his job.

A depression is when you lose your job.

Does that sound familiar to anyone?

Here is a definition of a recession: Definition: A recession is defined to be a period of two quarters of negative GDP growth.

Now here is the definition of a depression:

Depression

Before the Great Depression of the 1930s any downturn in economic activity was referred to as a depression. The term recession was developed in this period to differentiate periods like the 1930s from smaller economic declines that occurred in 1910 and 1913. This leads to the simple definition of a depression as a recession that lasts longer and has a larger decline in business activity.

And for those who might not have heard it yet:

Bush Administration Ignored Warnings of Pending Financial Meltdown

Monday, December 01, 2008

WASHINGTON  —  The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

Like if we needed to be told that! I think every Tom, Dick and Harry on the street figured that out.

Here is the link from the Official National Bureau of Economic Research:

It’s official: US has been in a recession all year

Tags: Depression, National Bureau of Economic Research, Recession