Are we in a recession?
Are we in a recession? Are you kidding me? Is this still a question? Just look at a few recent headlines,
But here’s what Uncle Bernanke told the congress today, Recession more likely without bailout. This is what I call a perfect politically correct sentence. And it’s true that “technically speaking” we are STILL NOT in a recession. A recession is defined as “A period of general economic decline; specifically, a decline in GDP for two or more consecutive quarters.” And we apparently have not had 2 consecutive quarters of declining GDP. Ah, that brings up the point of GDP numbers. I highly recommend the book CRASH PROOF by Peter Schiff in which he explains in detail how the GDP numbers are manipulated by the government.
While Mr. Bernanke still doesn’t think that we are in a recession, Warren Buffet thinks that we are in a recession and several other prominent figures think that we are in a situation very similar to the GREAT DEPRESSION because of the financial turmoil.
So never mind all the technical definitions or the expert talk. Here’s what I think about whether we are in a recession or a depression.
“When your neighbor loses his job its a recession. When you lose your job its a depression”
Thanks.
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