10 years of economic expansion officially comes to an end

[Logix]

U.S. officially in a recession

WASHINGTON, Nov. 26 ? It?s official. The National Bureau of Economic Research said Monday that the United States first entered a recession in March, the month in which the longest expansion in U.S. history celebrated its 10th anniversary.

THE BUREAU, composed of academic economists from Harvard, Stanford and other prestigious universities, posted its decision on its Web site.

It ruled that the long expansion ended in March and the nation?s 10th recession since the end of World War II began at the same time.

Even though it dated the start of the recession as March, the NBER panel said a full-blown downturn still might have been avoided if not for the Sept. 11 terrorist attacks.

?Before the attacks, it is possible that the decline in the economy would have been too mild to qualify as a recession,? the group said in a statement.


This hasn't exactly been a mystery of late, but now it's OFFICIAL. Oh well, everybody go spend something and help pick US up! Oh, and thanks, Osama. :|

 

[GTaudiophile]

I'm going to beat the liberals to the punch by not giving them the satisfaction of saying it:

[sarcasm]It's all Bush's Fault!!![/sarcasm]

 

[BeauJangles]

Jee.. I never noticed. I mean I just thought all those jobs being lost was part of a growing economy

 

[Random Variable]

A recession used to mean two consecutive quarters of negative GDP growth, but now it's a very subjective concept.

EDIT: "negative growth" is quite an oxymoron

 

[dullard]

<< I'm going to beat the liberals to the punch by not giving them the satisfaction of saying it:

[sarcasm]It's all Bush's Fault!!![/sarcasm] >>



I'll do it anyways, just for fun. Hmm the economy peaked in March. That means it didn't decline at the end of Clinton's term. We elect a republican, and within 3 months of him being in office the economy STARTS to decline. Ever notice that every republican has had a recession start while in office, yet many democrats didn't?

Please send your rebuttal:
[pathetic attempt] But the stocks started declining in Clinton's term, thus the fact that everything else did so well until March shouldn't matter. [/pathetic attempt]

 

[Finality]

<< Please send your rebuttal:
[pathetic attempt] But the stocks started declining in Clinton's term, thus the fact that everything else did so well until March shouldn't matter. [/pathetic attempt] >>

HAHAHHAHA so true

Besides what I dont get is why people where still arguing this country was in recession back in August. It was pretty obvious that the economy was in the sh|tter back in April/May sometime.

 

[SuperTool]

Well, I dunno who started it, but it's Bush's economy now that he passed the taxcuts and the stimulus. If we are still in a tank in 2004, he is toast like his daddy.

 

[LAUST]

Actually this downhill trend started in 2000,

 

[LAUST]

BTW we have these EVERY 10 years as if you didn't notice.

 

[Finality]

<< BTW we have these EVERY 10 years as if you didn't notice. >>

HARDLY You can thank Clintons 'hype' for keeping the economy going for so long.

I suppose you would have appreaciated it more if it tanked 4 years ago like it normally would have.


<< Actually this downhill trend started in 2000 >>

Funny isn't that the time that people realized Bush was going to win? A good president can only do so much till people realize who the next leader is going to be.

 

[Logix]

<<Funny isn't that the time that people realized Bush was going to win? A good president can only do so much till people realize who the next leader is going to be.>>

[sarcasm] Yep, I definitely noticed that the layoffs increased tenfold and the stock market plummeted 2 million points when everyone realized that Bush was going to win. [/sarcasm]

No one knew who was going to be President, even one month after the election. I'm not blaming this on Clinton, but you certainly can't blame it on Bush either. He IS stuck with the recession, however, and will have to face the consequences in 3 years if things don't pick up.

 

[Finality]

<< No one knew who was going to be President, even one month after the election. >>

It was pretty evident to most people around May-June who was going to win. That changed over the coming months as Gores popularity rose notice they pulled Clinton in even though Gore did not want Clinton campaigning on his behalf.

BTW I'm not blaming it on Clinton or Gore it was something that was eventually going to happen regardless of who was in power. I'm just sick of all the republicans in this forum wanting to point some sort of blame on Clinton or the Democratic party.



<< He IS stuck with the recession, however, and will have to face the consequences in 3 years if things don't pick up. >>

We'll see his popularity soared sky high just after the attacks and those will ultimately help him in the long run. Rally behind the president and all that.

 

[b0mbrman]

It'll come back...it always does.

 

[Logix]

<<I'm just sick of all the republicans in this forum wanting to point some sort of blame on Clinton or the Democratic party.>>

They're probably just sick of Clinton getting all the credit for the great economy (even though he had little to do with it). Is turnabout fair play?

I found it interesting in my U.S. History textbook last year when it mentioned President Grover Cleveland being elected in 1892, "Several months after his election, the U.S. entered a recession that lasted roughly four years." Talk about bad luck. Needless to say he wasn't reelected.

 

[prontospyder]

Well, hopefully, it'll be a short and mild recession as the analysts say....

 

[Cyberian]

<< It was pretty evident to most people around May-June who was going to win. >>

Yeah, I guess that explains the landslide.

 

[wQuay]

<< Well, hopefully, it'll be a short and mild recession as the analysts say.... >>



Warren Buffet says 9 years... prosperity comes with a price.

 

[Pocatello]

I don't think most Americans blame Pres Bush for the recession, but he has to do something to get the economy back, or he will lose the next election. Americans want someone who appear to "feel their pain", so to speak. Ridiculous, but true.