It's a recession

[LuckyTheDog]

So, I guess we're not all "just whining." We've been through a year of recession already:

http://money.cnn.com/2008/12/01/news/economy/recession/?postversion=2008120115

The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .

The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures.

[Mari333]

1. quelle surprise!!

[Warpy]

2. Those of us who were really paying attention

know working people have been through an eight year recession as wages stagnated and then dropped while offshoring threatened most jobs in one way or another.

The financial world got its reality check in August, 2007, when they started to look closely at what they were carrying on their books as assets: exotic "investment instruments" based on bad loans in Florida and California.

The stock market peaked and started to drift down long before December.

This country is in a financial mess and that mess began a lot longer ago than December. The administration just lied about it for eight years.

[sarcasmo]

3. A little late to the reality party.

Michigan is close to a Depression.

[skids]

4. No they weren't late.

They were on time, note the date on this article.

http://www.reuters.com/article/businessNews/idUSN1438837520080314

The real question is, hey why were all those people on the news show saying "it's not technically a recession yet" when the NBER had already called it?

[OhioChick]

5. Same here in Ohio. n/t

[Sarah Ibarruri]

6. Why are they using the word, recession instead of depression? So as not to scare people? nt

[OhioChick]

7. Good point. n/t

[regnaD kciN]

8. Because it's not 1/20/09 yet...

:sarcasm:

On January 20th, 2009, at 12:00:01 P.M. E.S.T., this will officially become a "depression" (and, in particular, the "Obama depression") in the eyes of Republicans and their pundit hangers-on.

[Sarah Ibarruri]

9. Sarcasm but you're probably right. Why does the media behave that way?

So much for the liberal media. This is what the media needs ----> :nuke: And this ----> :spank:

[OhioChick]

10. You're right....

Then all we'll hear from that liberal media is that the depression was Obama's fault.