NBER: U.S. economy in recession since December 2007.
NBER: U.S. economy in recession since December 2007.
The National Bureau of Economic Research (NBER) announced today that the U.S. economy has been in recession since December 2007. NBER’s Business Cycle Dating Committee — “which maintains a chronology of the beginning and ending dates of U.S. recessions” — explained:
The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession.
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.
In their release, NBER dispelled a persistent myth that was often repeated by the White House regarding the definition a recession saying that “two of more quarters of declining real GDP” are not necessarily needed for an economy to be in a recession.
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Saxby Chambliss, do you have any comment?
December 1st, 2008 at 1:07 pmI remember very clearly Alan Greenspan saying that there was no real estate bubble….shortly before he retired.
December 1st, 2008 at 1:10 pmHell man, we could have told them that.
December 1st, 2008 at 1:12 pmbut but but… how can the Right blame Obama if we’ve been in a recession since December of ‘07?
December 1st, 2008 at 1:17 pmNow, perhaps everyone can stop whining about the fact that they weren’t calling it a recession. It never mattered what they called it; everybody knew we were in trouble. In fact, a good part of the expansion up until 12/2007 was as bad as a recession for a large chunk of the US population. I doubt the fact that the economy was expanding overall made them feel any better. Let’s focus on issues and not so much on labels, k?
December 1st, 2008 at 1:18 pmgeorge will say that he’s ‘very pleased’ with the way the economy is functioning and that we need to make those tax cuts for the wealthy and his buddies on Corporate Avenue permanent asap.
December 1st, 2008 at 1:19 pmRaynman,
You’re not paying attention. Didn’t you hear? The recession is happening because the Democrats took control of Congress in 2006.
http://thinkprogress.org/2008/11/25/norquist-crisis-dems/
December 1st, 2008 at 1:21 pmraynman Says:
but but but… how can the Right blame Obama if we’ve been in a recession since December of ‘07?
Why not? They will say anything.
Haven’t the tried to blame Bush’s first recession on Clinton?
¶ AIO
December 1st, 2008 at 1:23 pmWow!
December 1st, 2008 at 1:31 pmHow the hell did Clinton pull this off?
Making sure to start a recession 6 years after he left office?
Damn him!
DRxJ Says:
Wow!
How the hell did Clinton pull this off?
Making sure to start a recession 6 years after he left office?
I’m talking about Bush’s first recession in 2001 & 02.
We are currently in Bush’s second recession/depression.
¶ AIO
December 1st, 2008 at 1:35 pmIt isn’t the first time this has happened. Jimmy Carter caused the second Reagan recession in 1987.
December 1st, 2008 at 1:38 pmSorry AIO.
December 1st, 2008 at 1:40 pmMy post was purely sarcastic in nature.
I didn’t read your previous post, and the smart a$$ remark was not intended as a response.
Shh, nobody tell Dana Perino. She STILL thinks we’s doin’ fine
December 1st, 2008 at 1:42 pmThis inconvenient fact about the recession starting at the end of 07 is not going to help Rush one bit. How can this be the Obama recession if it started 13 monhts before he takes office?
December 1st, 2008 at 1:45 pmThe Fundamentals of the economy are strong as pronounced almost daily for 2007 and 2008.- So who ya gonna believe, me or them ?
December 1st, 2008 at 1:48 pmShould have added – so who sees the economy with more clarity >? Repubs or Dems or the common folk ?
December 1st, 2008 at 1:48 pmraynman Says:
but but but… how can the Right blame Obama if we’ve been in a recession since December of ‘07?
They’ll just continue blaming the democractic congress like they have been since 2006.
December 1st, 2008 at 1:58 pmtrollsbwild Says:
How can this be the Obama recession if it started 13 monhts before he takes office?
Well, it just has to be either Obama’s fault or Clinton’s fault, so make up your mind.
December 1st, 2008 at 2:00 pmRepublicans are never the blame for anything, don’t ya know?
JHC – these people wait until the house has burned to the f—ing ground before they form a committee to decide to call 911 – unbelievable
December 1st, 2008 at 2:03 pmLet’s be honest. We’re in a depression. And the US Dollar is on its way to total collapse. Unless enlightened democratic socialist policies are adopted the U.S. will fall apart at the seams. And it’s going to happen fast.
BTW — When Dick Cheney no longer holds US Dollars and puts all his wealth into Saudi and Euro funds something is up.
====
December 1st, 2008 at 2:06 pmNo prob. DRxJ ;)
December 1st, 2008 at 2:12 pmWe are not in a recession.
Our Glorious (mis)Leader and FauxNews already said so.
Who you gonna believe, them or your own lying eyes?
December 1st, 2008 at 2:12 pmgreenpagan Says: When Dick Cheney no longer holds US Dollars and puts all his wealth into Saudi and Euro funds something is up.
IMHO, Cheney should be forced to give back every penny earned during his VPship for supporting, planning & implementing an illegal invasion that’s main purpose was to make him millions with his Halliburton stock.
We put Martha Stewart in jail while giving AIG & Citigroup billions for doing the same damn thing.
December 1st, 2008 at 2:15 pmGregor Samsa at #21 says:
You’re right, Gregor. I must be getting a little buggy…
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December 1st, 2008 at 2:15 pmWe’ve been in recession ever since bush was appointed POTUS by the SCOTUS. That’s the only legacy for conservatives, republicans and other right wingers. Recession. Depression.
December 1st, 2008 at 2:20 pmZimzone at #23 says:
You’re right. Halliburton was almost bankrupt before Bush invaded Iraq.
But I think Cheney will be long gone before American law can touch him. Long gone to Dubai, that is…
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December 1st, 2008 at 2:27 pmCaptain Obvious, you’re years too late.
December 1st, 2008 at 2:31 pmMEMO TO: Dana Perino
SUBJECT: the ’so-called’ recession
Please read and initial this report. Get back to me. [Okay, sweetie?]
December 1st, 2008 at 2:39 pmHow come AbleCluster always stops after the first three?
December 1st, 2008 at 3:59 pmWe, the people, have known this for a long time now.
December 1st, 2008 at 6:02 pmThe government is apparently the last to know.
Me, I am just waiting for the effects of trickle-down economics (and tax cuts!) to take hold, then a healthy generation of jobs can begin.
All we need is a little patience.
/sarc off
December 1st, 2008 at 8:20 pmAll we need is a little patience. araç sorgulama
March 18th, 2009 at 5:13 am