Washington post dating recession a kon speed dating
Only seven participated in the decision, however: David Romer, an economist at the University of California, Berkeley, is on leave as his wife, Christina Romer, was until recently serving as a top adviser to President Obama. this shrunken economy has puked out millions of unemployed... Must be government workers living in that pipe dream world. Suggestions lets start closing some of these agencies and save our money" NBER is a private organization. If Wall Street is making money all is well , the recession is over , yes and all that oil in the gulf has magically disappeared too , crisis over .
I'm certain that the 9.6% of Americans who are unemployed (U3) and the 16% of workers who are part of the U6 broader statistic would agree; the recession is definitely in the past...those who actually have jobs. Our goevernment has become totally useless, non-functioning, and a big liar that the people do not trust at all anymore. Hmmm, the recession ended in 2009 and they are announcing it a month before the 2010 elections. In the real world things are getting worse , not better , these rocket scientists , the same ones who stood by as the entire world's economy was sabotaged and then could only watch the house of cards fall as was inevitable , announcing that all is well and has been since June of 09 no less ... Just goes to show if you print enough money, throw enough stimulus around, allow HF trading to run market volumns to historic lows (while VIX is on the opposite end), drive GDP to truely scary levels (in comparison to debt) and allow banks to hide massive mortgage defaults..get two months of improved GDP. Further, if the Recession has been over for more than a year, how's that hopey-changey thing working out for ya? I have a whole folder of their pronouncements and check back to see how absolutely WRONG they are/were about nearly everything.
By the end of the current quarter the American economy may have returned to its pre-recession peak in real GDP. Prominent voices like Northwestern University's Robert Gordon, Harvard's Jeffrey Frankel, and Stanford's Robert Hall have declared the recession dead and gone.
But those men all sit on the National Bureau of Economic Research's recession-dating committee, responsible for pinpointing the beginning and end of business cycles.
The committee defines a recession as "a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The designation of June 2009 as an end date for the recession conforms to a view that many economic analysts have held for some time. When you see your leaders making laws behind closed doors as it was with Dick Cheney and the energy companies like BP that did not have the best interests of the people in mind, it was clear serious trouble was soon to follow. the recession is NOT OVER and the political elites in DC are CLUELESS... Because we all know what's coming next, Obamocare, then the next recesion. If you believe the Great Recession ended in 2009, then you probably also believe in Santa Claus and the Tooth Fairy.
According to the committee, such indicators as gross domestic product and industrial production appear to have bottomed out in June 2009. Just another govt agency that we pay dearly for with no real relevance in our world... The recession ended on paper (but not in actual fact) because the Federal Government BORROWED & SPENT about TRILLION to postpone the day of reckoning. government under scumb bag obamma has ZERO credibility.
That a date has not yet been chosen is not that unusual; the committee has taken longer to decide in past recessions.
The Great Recession is officially over -- and has been for more than a year. The recession ended in June 2009, 18 months after it began in December 2007, according to the National Bureau of Economic Research's business cycle dating committee.
The panel of economists that is the widely accepted arbiter of business cycles has called an end to what is now officially the longest U. But the committee took pains to make clear that it was not asserting that the economy has returned to full health.
The last time the American unemployment rate rose above 10%, during the recession of 1981-82, the economy added between 1m and 2.5m jobs in the first nine months of recovery.
Meanwhile, housing markets look shaky just as government schemes to support the sector are ending.
"In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity," the committee said in statement published on the NBER's Web site.