Recession? What Recession? by Bob Herbert

[groovedaddy]

Op-Ed Columnist
Recession? What Recession? by Bob Herbert - NY Times - Sat. Nov. 10, 2007

If it looks like a recession and feels like a recession ...

“Quite frankly,” said Senator Charles Schumer, peering over his glasses at the Fed chairman, Ben Bernanke, “I think we are at a moment of economic crisis, stemming from four key areas: falling housing prices, lack of confidence in creditworthiness, the weak dollar and high oil prices.”

He asked Mr. Bernanke, at a Congressional hearing Thursday, if we were headed toward a recession.

An aide handed the chairman his dancing shoes, and Mr. Bernanke executed a flawless version of the Washington waffle. He said: “Our forecast is for moderate, but positive, growth going forward.” He said: “Economists are extremely bad at predicting turning points, and we don’t pretend to be any better.” He said: “We have not calculated the probability of recession, and I wouldn’t want to offer that today.”

With all due respect to the chairman, he would see the recession that so many others are feeling if he would only open his eyes. While Mr. Bernanke and others are waiting for the official diagnosis (a decline in the gross domestic product for two successive quarters), the disease is spreading and has been spreading for some time.

http://www.nytimes.com/2007/11/10/opinion/10herbert.html?th&emc=th

[Skink]

1. If you recieved a Bush tax cut it is not a recession.

[varun]

2. A sobering article

I am pessimistic about our ( and the world's) future.

[BridgeTheGap]

3. Yeah, optimism is short supply, unless you're rich, I guess.

The light at the end of the tunnel IS an oncoming train!

[Demeter]

4. And Schumer Has the NERVE To Screw Us With an AG that Supports Torture and Warrantless Spying!

That man gets my goat! What a prick!