The Bishop and the Butterfly: Murder, Politics, and the End of the Jazz Age
    dijamo's picture

    Breaking News!!!!

    By dijamo on Mon, 12/01/2008 - 4:41pm |

    This just in!!!!  Breaking news!!!!  The US has been in a recession since December 2007. Shocking, I know.  But somehow the idea that we've been in a recession since December 2007 being breaking news seems a tad bit oxymoronic.  Or at the very least moronic.

    President Bush, showing his typical abundance of caution, remarked in February 2008:

    I don't think we're headed to recession. But no question, we're in a slowdown.

    http://abcnews.go.com/politics/wirestory?id=4361751

    Unthinkable that a President who has shown such wisdom and foresight could have been so wrong.  Well he was half right - we weren't heading into a recession.  At the time he made his prediction, we were already two months into the recession that he predicted $600 stimulus checks were robust enough to stave off.  I'm no economist, but I'm thinking he had enough information to see the writing ont he wall.  Everyday Americans knew it was so.  Most economists at the time were anticipating a recession or thought we were already in one.

    Seriously, if anyone can speed up time to make it January 20th already, it would be much appreciated.  49 days and counting.

    Comments

    Yes, as the months marched on... through 2008... it seemed obvious to everyone except the govt that we were in a recession. Imagine a lady being obviously pregnant... but they hold off diagnosing the pregnancy till months after a child is born! By then it's no longer a pregnancy. Which means that 12 months ago we were in recession... and now... what are we in? A depression? Wait another 12 months.... and maybe they'll tell us.


    by TheraP (not verified) on Mon, 12/01/2008 - 4:48pm

    Sorry Dij, what the economists referred to today is, technically, a "Recession."

    But what we've already been experiencing is they would classify as a Rec-ASS-ion.

    Likely to be followed by a Deprassion.


    by quinn esq (not verified) on Mon, 12/01/2008 - 4:50pm

    I'm worried about a Dijpression. But I Dijgress.


    by Donal (not verified) on Mon, 12/01/2008 - 4:56pm

    Dijpression happened last week when I got up the nerve to peek at my 401(k) account. But on the bright side, I've got 40 more years to retirement. Yikes, now I'm Dijpressed again. Thanks Donal!


    by dijamo (not verified) on Mon, 12/01/2008 - 5:43pm

    Thanks as always for your economic insights, Quinn. But as you know quite well, Deprassions are nothing compared to Deeprashons. I hope it doesn't come to that.


    by dijamo (not verified) on Mon, 12/01/2008 - 5:46pm

    It's the Deeperations that get me the worst : : :


    by ttarleton (not verified) on Mon, 12/01/2008 - 5:56pm

    Dijon't mention it.


    by Donal (not verified) on Mon, 12/01/2008 - 6:04pm

    Looking at it was your first mistake. I refuse to look at my retirement portfolio. I can't take the blood. LOL!

    But I feel ya. My husband gave up his bonus this year so the lower echelon would get bonuses. I love him for it, but that bonus was a big part of his salary.

    Things are going to get pinch-y.


    by HusseinTenaX (not verified) on Mon, 12/01/2008 - 7:56pm

    It's a Deepak Chopr-ass-ion. We're all our own spiritual advisors now that stock advisor is a dirty useless word, and it just won't be enough. And with all DJ's experience with Tropical Depressions, if she's tossing in the towel on this one, we're all screwed, like passing through the Bermuda Triankle into the Sargasshole Sea.


    by Desidero (not verified) on Mon, 12/01/2008 - 8:12pm

    Ok, points for "Sargasshole."

    (Points redeemable at your local Walmart.)(If you dare.)


    by quinn esq (not verified) on Mon, 12/01/2008 - 8:39pm

    Kewl hubby


    by Bwakfat (not verified) on Mon, 12/01/2008 - 10:56pm

    Tonight on marketplace, I heard there is a festive minority that believes that since all their scrimping and saving over the last few years has come to negative naught, that they'll just spend it when they gets it.

    Might actually be a better attitude to bring up the economy.

    Spend, spend, spend yer way out of Dijprassion.

    Why not?


    by Bwakfat (not verified) on Mon, 12/01/2008 - 10:58pm

    The two-front war combined with insurance speculation created a false growth for several years. In terms of real growth, measured in wealth generation and asset value, we have been receding since late 2000. Now that the mass insurance fraud has made off with trillions of imaginary dollars, the fig leaf is gone and we are all Shocked! that we are naked.


    by Zipperupus (not verified) on Mon, 12/01/2008 - 11:09pm

    Rachel just went through the quotes from the White House--Bush, communications queen, Republican Congressman...
    My personal take as far as learning that we are in a recession a year AFTER the fact is:

    We will tell you within 12 months or so whether we have lost a significant portion of the West Coast due to the last earthquake.

    We will give you the figures concerning the ninety percent drop in property values within the next two years.

    We will promptly, within 9 or 10 months, whether you should boil your water before drinking it.


    by dickday (not verified) on Tue, 12/02/2008 - 12:48am

    Amazing, isn't it - that it only took these 3,298 PhDs 12 months to figure out what we salt-of-the-Earth neophytes have known for two full trimesters!

    And they say graduate school makes you a wiser, more rounded person!!


    by GayIthacan (not verified) on Tue, 12/02/2008 - 1:42am

    After the election this comes out. Only 50 days before Shrub leaves office. Well, you coulda fooled me! I think even the town drunk figured out we were in a resession about 6 months ago. Once again, Dijamo, you're right- it is breaking news .... for Shrub!


    by bluesplashy (not verified) on Tue, 12/02/2008 - 2:03am

    Just don't try to launder it. Wearing things more than once is so... petty urban haute bourgeois.


    by Bwakfat (not verified) on Tue, 12/02/2008 - 10:57am

    Wait, who says that? Hopefully not anyone who's been to graduate school lately...


    by Kirsten (not verified) on Tue, 12/02/2008 - 11:24am

    John Stewart did a bit revealing all of the smoke and mirrors about the recession... showing clips of all of the words used to describe how we are not in a recession. I'll have to go look at that again. 'Slow down' was just one of the terms used.

    As someone in financial services I highly recommend to those commenting here and afraid to look at their 401K's etc. move it to an indexed annuity and put in on fixed interest for the first year. Peace of mind and no more losses. Much better than ignoring it away.


    by synchronicity (not verified) on Tue, 12/02/2008 - 1:27pm