It's now official. Yesterday, it was announced that the recession is upon us and that it began one year ago, in December 2007.
The news is hardly surprising. In fact, it seems ridiculous to refer to the announcement as 'news.' The crash of the housing and stock markets, the disappearance of all investment banks (the few survivors are now 'regular' banks) the pending doom for US automakers, and the massive bailouts by the US government – all evidence that we have been in recession for many months, has finally been recognized by the National Bureau of Economic Research.
From their official web site: "Founded in 1920, the National Bureau of Economic Research is a private,
nonprofit, nonpartisan research organization dedicated to promoting a greater
understanding of how the economy works. The NBER is committed to undertaking
and disseminating unbiased economic research among public policymakers,
business professionals, and the academic community." The word they omitted is "timely."
President-elect Obama wants to eliminate government programs that 'don't work.' He can get started with this one.