Recession Over? What ARE they smoking?

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Recession Over? What ARE they smoking?

Post  Aggie Transplant on Mon Sep 20, 2010 3:51 pm

Great Recession’ over, research group says
Downturn lasted 18 months; longest recession since World War II

The “Great Recession” has ended, officially.

At least, that's the word from the private, nonprofit research organization that calls the beginnings and endings of recessions, the National Bureau of Economic Research.

The NBER said Monday that the recession which began in December 2007 ended in June 2009, which marked the beginning of an expansion. The announcement rules out the possibility of a so-called “double-dip” recession, because any new downturn would be seen as a brand new recession.

Story: Obama: Much more work needed to fix the economy
President Barack Obama said that even though the NBER officially named an end to the recession, the economy has a long way to go and much work to be done to become healthy again. "Something that took ten years to create is going to take a little more time to solve," Obama said at a town-hall-style meeting shown live on CNBC.
rest of story at:
http://www.msnbc.msn.com/id/39269753/ns/business-eye_on_the_economy/?GT1=43001

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Re: Recession Over? What ARE they smoking?

Post  Pez on Tue Sep 21, 2010 8:05 am

I think this is just how these things work... I think the begin date was earlier than anyone thought as well.

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Re: Recession Over? What ARE they smoking?

Post  Scooby01_98 on Thu Sep 23, 2010 12:07 pm

Warren says we are still in a recession. I trust him more than I do any "think tank" or gov't economist.

http://www.reuters.com/article/idUSTRE68M2TZ20100923

Which goes along with Jack Welch who states the Obama administration is anti business. It is no wonder we got a stimulus package that did nothing and a non recovery "summer of recovery".

http://www.cnbc.com/id/39321858

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Re: Recession Over? What ARE they smoking?

Post  Pez on Thu Sep 23, 2010 12:47 pm

Scooby01_98 wrote:Warren says we are still in a recession. I trust him more than I do any "think tank" or gov't economist.

http://www.reuters.com/article/idUSTRE68M2TZ20100923

Which goes along with Jack Welch who states the Obama administration is anti business. It is no wonder we got a stimulus package that did nothing and a non recovery "summer of recovery".

http://www.cnbc.com/id/39321858


While Buffet and the NBER are mixing fruit, I don't really take much stock in when things started or end. It's Like Obama said, recession or not, the economy is still quite weak indeed.

Reading the Welch article, I don't think he made his case that Obama is anti-business, especially considering the fact that we still have a banking industry and we still have an auto industry, both of which would very likely be gone if it were not for the administration policies. Further, rolling back the foreign investment tax credit is a measure to keep jobs in the US. Welch's anecdote about the corporate execs taking trips to Vegas on the public tab doesnt exactly seem very anti-business. Sure, it cost Nevada tourism some money, but it cost nevada tourism OUR money. Obama would have been vilified in the media if such trips were made public and Obama hadnt acted.

One point I agree with Welch on is that government is more effective with the presidency and congress being more effective if they are controlled by different parties. How these political parties corrupted and bastardized the best political system in the world is a conversation we will be having soon I'm sure.

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Re: Recession Over? What ARE they smoking?

Post  Scooby01_98 on Thu Sep 23, 2010 1:05 pm

We would still have had an auto industry, banking industry without the fed help, it would have looked differently, but it would be here, more competitive and stronger than what it is now. As it is GM is now snubbing its debt to the gov't. Remember those shares on the IPO were suppose to pay back the gov't. Now GM says no maybe we will take awhile. Meanwhile all the big banks have paid back their TARP funds even citibank.

http://www.reuters.com/article/idUSTRE68F2NB20100916

http://www.cnbc.com/id/39212230/GM_bailout_payback_to_take_several_years_CEO

It just wasn't the bailout companies that cut out there conferences it was every business looking to avoid the evil eye of Obama and the dems. Those conferences employ more workers than those Obama stimulus funds studying monkey social habits and drug habits.
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