The NBER has declared the recession which began in 2007 as over. There is no possible chance of a double dip because any significant economic downturn from this point forward will be considered a new recession.
I heard the same news briefly mentioned on Bloomberg TV this morning and got a little chuckle out of it... I think that's the point of the media spreading the story from NBER. Another "Mission accomplished"
Please do not buy into this hype. there are a ton of factors that go into this. until people are getting hired and put back to work and other economic data say's that we are coming out of it this isn't over yet.
You call it interesting, I'll call it something else. I'm just glad I'll have a job in the morning for a change I guess...right. :goof:
Where is this cave these people are living in? Bet its not in Michigan! Recession my fanny... Difference between a recession and a depression.. a recession is when your neighbor loses his job, a depression is when you do..
Yay! Does that mean people will stop coming into my shop and selling stuff? Cause were practically buying more than were selling.
This is indeed great news. I`m sure any day now We will be seeing new business occupying those abandon factories in Our towns. Any day We will see Our neighbors who were laid off get called back to their jobs. Any second now We will hear about employers being able to give loyal workers a well deserved raise. Why any day now One should be able to see the blocks of abandon houses in the ghettos of cities like Detroit, Gary, Utica, etc springing up with newly found vitality. At any point now the dollar stores will not only stop multiplying, but will soon be going under, for people will have more money to buy better quality goods other than low-end crap made in China. As I type this I watch and wait for the any of the networks to tell me that the unemployment levels have fallen to under 5%. I`m ecstatic......I can not wait to go outside today and rejoice now that the recession is finally over!
And right after a bunch of Democrats up for reelection approached the party leadership pleading for them NOT to eliminate the Bush tax cuts because you can't raise taxes in a recession because you will stall the economy. "Hmmm can't raise taxes during a recession, I know we'll declare that the recession is over and then we CAN raise taxes!" "But the recession isn't really over and my constituents are hurting" "Don't bother us with reality, just go back and tell them how wonderful it is now that we have ended the recession."
Wow. This really got political ! I mean the top down bail outs based on Reaganomics aren't working in reality as well as theory. But those Wall St. Bankers are still getting multimillion dollar bonuses. I am so glad I retired. Of course there is no inflation because the prices of luxury items is flat. But costs of basic necessities has risen steadily. No, I really don't think any party can be blamed for this. It was caused by monetary maneuvers. Anyway, aren't we all glad they didn't privatize Social Security and take it away along with the 401ks ?
I read on CNN yesterday that the recession officially ended in June 2009... CNN is always incorrect though. The recession ended just in time for the second anniversary of Dark Monday too, September 14th, 2008, when the Lehman Brothers went out of business and Wall Street crashed.
