When you see articles saying that we’re not really going into a recession, it’s a sure sign that we’re already in a recession. Economic denial runs deep amongst the economists and the investing class, as does the desire to get one’s words into print by being a fashionable “contrarian”. I’ve lived through a number of recessions, and you always see such articles just as the recession is getting under way. Here are three recent examples from some wanna-be contrarians:
Shrinking Payrolls Mean Sluggish Growth, Not Recession
UCLA Experts Don’t Buy Recession
So, welcome to the Recession of 2008.
Jim,
I think you’ve said it all. We definitely are in a recession. “They” can call it a “slow down” as much as they want; it won’t change the facts–it’s a recession.
Another thing we can lay at the door of our President.
MCS
Comment by Anonymous — March 13, 2008 @ 8:08 pm
Jim,
I think you’ve said it all. We definitely are in a recession. “They” can call it a “slow down” as much as they want; it won’t change the facts–it’s a recession.
Another thing we can lay at the door of our President.
MCS
Comment by Anonymous — March 13, 2008 @ 8:08 pm
Jim,
I heard on the news tonight that Bear Stearns asked the Fed to bail them out today.
I had a flash back to my mother describing to me the terrible panic of bank customers in 1929. She worked in a bank then when there was a “run” on the banks. She described to me the bank being unable to give its customers the money they had in the bank, having to send bank officers to downtown Chicago to get money, and the resultant inability to get enough money, ending with the bank closing. She always ended the story saying with pride that “her bank” was such a good bank that within six months the bank had given all its customers the money they had deposited in the bank–which was much more than many other banks did. Many other banks simply went belly up, and the customers were simply out their money.
As the reporter described the situation with Bear Stearns today, I truly had a flash back to my mother’s telling me that story.
And some economists and GWB think we are in a “slow down”???? I don’t think so.
What happened today is only too much like what happened in 1929.
Good grief! What has this administration gotten us into?
MCS
Comment by MCS — March 14, 2008 @ 6:48 pm
Jim,
I heard on the news tonight that Bear Stearns asked the Fed to bail them out today.
I had a flash back to my mother describing to me the terrible panic of bank customers in 1929. She worked in a bank then when there was a “run” on the banks. She described to me the bank being unable to give its customers the money they had in the bank, having to send bank officers to downtown Chicago to get money, and the resultant inability to get enough money, ending with the bank closing. She always ended the story saying with pride that “her bank” was such a good bank that within six months the bank had given all its customers the money they had deposited in the bank–which was much more than many other banks did. Many other banks simply went belly up, and the customers were simply out their money.
As the reporter described the situation with Bear Stearns today, I truly had a flash back to my mother’s telling me that story.
And some economists and GWB think we are in a “slow down”???? I don’t think so.
What happened today is only too much like what happened in 1929.
Good grief! What has this administration gotten us into?
MCS
Comment by MCS — March 14, 2008 @ 6:48 pm