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Old 12-01-2008, 11:15 AM   #1
StuartD
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It's official: US in Recession since Dec. '07

http://money.cnn.com/2008/12/01/news...ion=2008120112

The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .
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Old 12-01-2008, 12:16 PM   #2
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Damn, you beat me to it, was just coming here to post that. It really is unbelievable that they are JUST NOW admitting to it.

I have been telling people well over 6 months ago that this was already a fact and that we may very well be heading into another depression.

Anyone want to guess what their responses were?

We are not in a recession... Impossible. And a depression? Please....

People need to wake up.
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Old 12-01-2008, 12:18 PM   #3
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Anyone want to guess what their responses were?
Absorb and deflect:

In a statement, White House Deputy Press Secretary Tony Fratto said that even though the recession is now official, it is more important to focus on the steps being taken to fix the economy.

"The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that's where we'll continue to focus," he said. "Addressing these areas will do the most right now to return the economy to growth and job creation."
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Old 12-01-2008, 12:19 PM   #4
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It's sad that the citizens already knew this long ago
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Old 12-01-2008, 12:20 PM   #5
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I like how they made it breaking news like no one knew about it........ LAST year's news is cause for breaking news I guess. lmao
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Old 12-01-2008, 12:22 PM   #6
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Quote:
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Absorb and deflect:

In a statement, White House Deputy Press Secretary Tony Fratto said that even though the recession is now official, it is more important to focus on the steps being taken to fix the economy.

"The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that's where we'll continue to focus," he said. "Addressing these areas will do the most right now to return the economy to growth and job creation."
Yeah, because we sure don't want to focus on the fact that we REALLY dropped the ball on this one. Wonder what things would look like today if we started working on the problem when it started instead of letting it fester into the cankerous wound it became.
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Old 12-01-2008, 12:26 PM   #7
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Based on the kick off of the holiday shopping season on Friday, I don't think the American people got the memo or give a shit.

Buuuuut... That's also why most Americans are drowning in debt.
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Old 12-01-2008, 12:33 PM   #8
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Damn, you beat me to it, was just coming here to post that. It really is unbelievable that they are JUST NOW admitting to it.
didn't want to wipe out McCain's bid on the Whitehouse ...
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Old 12-01-2008, 01:04 PM   #9
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nice, admitting it a year later. heh.
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Old 12-01-2008, 01:21 PM   #10
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Last year at this time every conservative republican economist expert was telling everyone America wasn't in recession and the economy was awesome.

https://youtube.com/watch?v=klhS7blpdzQ
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Old 12-01-2008, 01:26 PM   #11
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Based on the kick off of the holiday shopping season on Friday, I don't think the American people got the memo or give a shit.

Buuuuut... That's also why most Americans are drowning in debt.
While I agree Americans are addicted to credit cards reports supposedly state that Americans are in fact using their debit cards more then credit cards this year.
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Old 12-01-2008, 01:31 PM   #12
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all i have to say is 'really...doh!'
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Old 12-01-2008, 01:44 PM   #13
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NIce reading ty
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Old 12-01-2008, 01:49 PM   #14
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Old 12-01-2008, 01:51 PM   #15
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Thanks for the good news
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