So .... the feds are now saying we've been in a recession since Dec 2007?

[Stinky The Clown]

When were they gunna tell us?

Mother

Fucking

Republicans.

[Nederland]

1. That's just how it works

You can't determine when a recession hits until way after the fact. Republican's bitched about the same thing in early 1993 when it was revealed that the recession of 1992 was over well before the election.

[CoffeeCat]

9. I thought the technical definition of...

...a recession was two consecutive quarters of negative growth--as measured
by the GDP?

Is that incorrect?

[Nederland]

10. That is correct

And GDP numbers take a long time to tabulate.

[Bok_Tukalo]

2. I think it was the NBER that told us

And they didn't call the last peak until November 26th of 2001 so it is not unusual for it to occur well after the fact.

[marketcrazy1]

5. the recession

started last year, so says the government! well NO SHIT!! I knew ( and many of my friends knew ) we were entering a severe recession in January! if you guys are going to depend on the government and MSM to tell you how bad things are then you are in for some nasty surprises!!

[Tangerine LaBamba]

3. So next year at this time,

do you think they'll tell us we were in a depression?

How come I know it already, and they don't?

Sort of how I knew Saddam Hussein had no WMDs, but all those people in charge thought he did.

Man, I am so smart..........................

[Speck Tater]

4. Recession, like peak oil, can only be clearly seen in the rear-view mirror. nt

[Andy823]

6. So does that mean

Idiots like Limbaugh and Hannity can no longer call this the "Obama" recession?

[Donnachaidh]

7. we can expect them to tell us the Depression started in 2008

sometime in the month of January, 2010.

[Arctic Dave]

8. Isn't that about the time bush stopped having the

3M or whatever the name is stopped publishing its findings about the ecomony?

[Mike 03]

11. I think this is a technical issue more than anything

Doesn't it take records from four quarters to "establish" officially that we are in a recession?

Anyway, I agree it is bullshit and absolutely absurd that anyone would be debating this at all over the past two or three quarters. We just need to look at the discrepancy between what we earn and what we have to spend for the bare necessities.

My question is how do we know when we are in a depression?