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It's not surprising that we're in a recession, but this is...

Recs

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December 01, 2008 – Comments (9)

 

It's official.  The National Bureau of Economic Research has finally declared that the United States is in a recession.  This obviously is not very surprising.  What is surprising, to me at least, is how long we have been in a recession.  They decided that it officially started in December 2007. 

This means that the current recession, which is still going strong, is already the third-longest since the Great Depression, following only the 16-month recessions in the mid-70s and early 80s.  Chances are before we're all said and done, we will have passed those two fairly easily.

U.S. entered recession December 2007, panel says

Deej

9 Comments – Post Your Own

#1) On December 01, 2008 at 3:14 PM, starbucks4ever (98.98) wrote:

This is a private institute, so it's not official.

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#2) On December 01, 2008 at 4:10 PM, TMFDeej (99.46) wrote:

While it is a private organization, the National Bureau of Economic Research is about as official as it gets when it comes to determining whether the United States has entered into a recession.

Deej

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#3) On December 01, 2008 at 4:12 PM, TMFDeej (99.46) wrote:

Here's another interesting graphic that shows the length of the last several recessions for anyone who is interested:

Deej

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#4) On December 01, 2008 at 4:13 PM, motleyanimal (93.53) wrote:

They have no reason to lie about it, unlike the government.

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#5) On December 01, 2008 at 4:25 PM, XMFSinchiruna (27.97) wrote:

Paulson all but ceded the claim in his appearance today, repeating only that it's not the role of Treasury to make such pronouncements, but rather is the role economists. It's official.

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#6) On December 01, 2008 at 4:53 PM, outoffocus (23.59) wrote:

These people have great 20/20 hindsight....

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#7) On December 01, 2008 at 5:09 PM, FoolishChemist (97.01) wrote:

I'm surprised too.  If it's supposed to be 2 quarters of negative growth, shouldn't they have figured it out a few months ago?  As my friend said "Thank you Captain Obvious!"

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#8) On December 01, 2008 at 6:01 PM, johnw106 (58.00) wrote:

The NBER does not use the GDP as a sole indicator. GDP can be shrinking and the economy not considered in a recession. They tend to factor in dozens of different reports and surveys etc.
And they are usaly pretty accurate on the dates. I think it started a bit sooner. Around September 07. About the time gas started to realy climb in price.

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#9) On December 01, 2008 at 6:32 PM, nuf2bdangrus (< 20) wrote:

Since the last 10 years of growth was all a credit illusion, and that's 120 months, assuming a  reversion to the "normal" 5/2 expansion/contraction ratio, then I vote 4 years.

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