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It's official: U.S. is in recession

we are heading for financial ruin! so the two year supply should be more like a four year supply!

Like it takes a rocket scientist to figure this out... I think most of us have been aware of this even though the Bush Administration denied it.

It's only gonna get worse folks

The left in America has been saying this for years. America is NOT officially in a recession until there are two CONSECUTIVE (read: One after the other) quarters of negative GDP growth. So far, there has been only one quarter of negative GDP growth. If the next quarter is negative, only then will we OFFICIALLY be in a recession. Then the left can legitimately crow about America being in a recession (which is what they have hoped for, for a very long time).

Actually, that is not necessarily the definition of recession. That's how some business and investment glossaries define it, and several opinionated people. But while citing it as the letter of the law might give you something to fend of the "left" with, and it would be really nice for you, it's not actually fact. Sorry.

It's just you. The logic of liberals wanting unemployment and being impoverished defies rationale. You shouldn't think that because a person can observe trends and make intelligent predictions of outcomes that the person likes the outcome.

I told a conservative four years ago in November, Bush's reelection would serve the democrats well. This was based on watching trends.

And that us when we sold our home of 45 years and bought a condo! Good move. Not sorry!

How could we be in a recession, if by definition a recession is 2 quarters of negative growth. We are almost at the end of one quarter of negative growth. Technically we shouldn't be into a Recession until March.

Or, did the economists use Enron like accounting practices to get the desired results.

This is not rocket science and the dirty Republicans think that Americans are whiners. BTW, McLame said that the fundementals of the economy were strong.

Unfortunately, too many people are more interested in trying to pin the blame on someone than actually trying to solve problems.

There are people in this country who actually wish ill on the country, on the economy, or on particular groups of people if it means they get some more power or political advantage because of the problems.

How much better we would all be if we were more interested in solving problems no matter who got the credit.

A recession has always been refered as two consecutive quarters of negative growth by economists and politians until this past year when the left decided to change the definition to suite their needs.

They did get one thing right. The media has been saying this is the worse down fall since the depression. This article said the worse since the early 80s. This is correct. Anybody who says times haven't been this bad since the depression has forgotten the carter years when mortgage rates were in the mid to high teens, inflation was high, unemployment was high, gas prices were way, way, way higher than last year's prices in real dollars. Thank you Reagan for turning around the country by relieving the rich of high taxes.

If you think it you become it. The media has been crying recession for four years before it has happened (if you're a leftist and decided to change the definition to suite your deceitful ways).

First of all recessions are cyclical. They are perfect normal. The media has been trying to talk us into recession for 5 years!

How stupid does the media & economic experts think we are? Everyone has known we were in a recession for a while now. They don't have to keep reminding us.

Thanks for confirming it!! I thought I had been imagining things for about a year now!!
How much did our economic prognosticators earn to reveal this "breaking news"?

... precisely what was the board's first clue that we've been in a recession FOR A WHOLE DARN YEAR NOW?

Thanks for the information, guys--but I think most of us have already clued in by now, somehow or another.

Yet another shining example of our tax dollars, hard at work!

Incessant government bailouts will lead to big time inflation eventually. You think things are bad now, just wait...BTW, "Reagonomics" is outmoded, discredited, and was designed to protect the rich at the expense of the middle class which, by all indicators, continues to shrink to this day.

No, Redshirt, the NBER did not use Enron like accounting practices to come to their decision.
And, alskdfjasl;dfjaldksfj, no the NBER, is not a leftist organization that tried to change the definition of recession to suit any deceitful ways.
K, so you are saying because the media reports on financial matters they have been trying to talk us into a recession? And Really!!! you think the media should not report a story like this?
Pray, Tell Me. . . the NBER is a private research group. No tax dollars used.
Golly, do any of you people even know what the NBER is? I am making an assumption here, but I would imagine you all lean conservative. Maybe you guys should let the more educated conservatives post and maybe you guys should just not add to the general assumption that most conservatives are ill informed.

We've been in a recession in my family for at least 2 years. Hubby hasn't had a raise for nearly 2 years and yet health care and other benefits are being raised or cut all together. So technically we've had a pay cut. Plus not to mention the cost of nearly everything costing more. Talk about negative growth. Get real people! It's been going on for too long with no end in sight. The day we get a raise in this family it will be a miracle.

Yipee a private group had confirmed we are in a recession. Of course we still actually haven't seen two quarters in a row of negative GDP but they are expecting it so let's just declare it.

Tell me for the last 5 years the papers have been saying anything less than we are heading toward another recession. Duh! Sooner or later one will happen. It's hard to go 10 year without one. They usually end by the time they are officially announced under the traditional definition.

To the mad keyboard poster: get a dictionary - there is such a word as "worst". Expand your vocabulary please.

To mark: why does everyone have to be "guys"? Are you a girl, or are you just anti-girl?

I don't really care about either issue - I'm just a conservative protesting the election results in the proud democratic tradition of having "a little whine with that cheese" - proving once again the old saying "anyone can find something to complain about, regardless of the complaint's relative validity".