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The National Bureau of Economic Research of Cambridge has declared that we are in a recession. But more impressively, the research shows that we have, in fact, been in this recession since last December.

We are clearly out of options that match up with Friedman's monetarism, indicating that public policy has nowhere left to turn except direct government spending on economic support.

The seven "Wise Men" announced today that the economy entered a recession back in December 2007. The "Wise Men" are seven economists on the NBER Business Cycle Dating Committee.