So you’ve decided to screw the US Economy…
So, the National Bureau of Economic Research has decided to completely ignore the definition we’ve used for, well, for a long time, an declared that we’re in a recession. Not only that, but we’ve been in one since the start of the first quarter of 2007 (Q1 2007).
This is, frankly, bullshit. I’m sorry, that’s all I can call it. A recession, by definition (or at least until just recently), has been two or more consecutive quarters of negative GDP growth.
Say it with me, kids: “two or more consecutive quarters of negative GDP growth”.
Very good. I knew you could do it.
Now, why do I belabour this point? Why do I harp upon it?
Well, because of stuff like this:
You’ll need to click on that to get a decent view of it… Sorry.
Now, I know, that only goes back to Q3 2007, so how about this one?
Wow. Sure doesn’t look like a recession trend, does it? Isn’t that interesting?
And why is this important?
Dow Plunges 680 Points as Recession Is Declared
The evidence of a recession has been widespread for months: slower production, stagnant wages and hundreds of thousands of lost jobs.
Sure it has, if you’re a drooling moron. Someone who slept through that day of Econ 110.
Well done, NBER. You cost the DOW 7.7%.
Very well done. Assholes.