Did The Recession Just Have A Birthday?

New York Times:

The Federal Reserve chairman, Ben S. Bernanke, declined today to say whether we are in a recession. The only reason to avoid doing so is that it would not be reassuring to admit the obvious. The National Bureau of Economic Research has yet to certify there is a recession, but otherwise there is no doubt.

In fact, just as he began his testimony, the Conference Board released its index of coincident indicators. That index not only confirmed a recession is under way, but it provided powerful evidence that it began in 2007, or in January 2008 at the latest.

Read the whole story: New York Times

Comments

[fanno]

a pre-cession?

[jimmyjones22]

that's swell. Hopefully we already are over the hump.

*dow drops another 900 points*

uh...maybe not?

[ErnestineBass]

Awww, crap. This country's been in a mild recession since 1999.

[jimmyjones22]

and an intellectual recession since reagan years

[politicalgal1]

I just lost my job -- I am one of the casualties of the crisis.
Here is a tip for coping:

http://www.vaboomer.com/the_portal_to_boomeranger/2008/10/what-a-bear-market-really-tells-us-reflect-and-stay-calm.html

[MajorKong]

Sorry to hear that.

[RichardfromHB]

Housing is still tanking in California. There's good and bad news: Sales are up by 65% over last year. But 50% of the sales are from foreclosures. Don't bet on a recovery before at least another birthday or two.
http://www.dqnews.com/News/California/Southern-CA/RRSCA081020.aspx