Dec. 1 (Bloomberg) -- The U.S. economy entered a recession in December 2007, the panel that dates American business cycles said today. The declaration was made by the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts. The last time the U.S. was in a recession was from March through November 2001, according to NBER.
Dec. 1 (Bloomberg) -- The U.S. economy entered a recession in December 2007, the panel that dates American business cycles said today.
The declaration was made by the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts. The last time the U.S. was in a recession was from March through November 2001, according to NBER.
The Fed and others seem to think it's going to last a year and a half to two years, so we have about six months to a year to go.
Depending on how fast they can ramp up the stimulus package, a year sounds more right to me. Six months is simply too short. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
"Hey, I've got lung cancer."
Ans: "Take some cough medicine and shut up, whiner!"
Hope I'm wrong but don't think so. Now where's the fun in that! - Megatron
The Business Cycle Dating Committee of the National Bureau of Economic Research met by conference call on Friday, November 28. The committee maintains a chronology of the beginning and ending dates (months and quarters) of U.S. recessions. The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months.
Can you imagine a school dance with ALL economists?
All the guys along one wall, all the gals along another. Now where's the fun in that! - Megatron
(This should be fun.) Now where's the fun in that! - Megatron
If you asked a straight male Economist what his favorite porn site was, his answer would be ...?
Calculated Risk? Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
I'd add Barry Ritholtz's Big Picture, Brad DeLong, Krugman (obviously), Atrios (when he does economics), and a few others I can't remember off the top of my head. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Oh, that reminds me: Mr D00M Pr0n, Roubini. (Duh.) Just looking at Roubini's reaction to anything is enough to make you want to grow your own food. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
You could also become a guerilla gardener.
<That> might be right down you alley :-))
I understand how someone like Romer might not have been available for one or two FRB Friday night phone calls, explaining the EXTRAORDINARY circumstances that necessitated TDF, TAF, and PDCF "innovations." Hell, I can't keep 'em straight when I'm sober.
Diversity is the key to economic and political evolution.
Obama also announced that economist Christina Romer will be director his Council of Economic Advisors, which provides economic analysis and advice to the president. Romer, whose expertise includes the Great Depression and the economic recovery that followed, is a professor of economics at the University of California, Berkeley. She is also co-director of the monetary economics program and a member of the business cycle dating committee at the National Bureau of Economic Research (NBER), the group that officially determines when U.S. recessions begin and end. In Romer, Obama said, he has found an independent economist respected by both conservatives and liberals who has done "groundbreaking research on many of the topics our administration will confront, from tax policy to fighting recessions." [emphasis added]
Romer, whose expertise includes the Great Depression and the economic recovery that followed, is a professor of economics at the University of California, Berkeley. She is also co-director of the monetary economics program and a member of the business cycle dating committee at the National Bureau of Economic Research (NBER), the group that officially determines when U.S. recessions begin and end.
In Romer, Obama said, he has found an independent economist respected by both conservatives and liberals who has done "groundbreaking research on many of the topics our administration will confront, from tax policy to fighting recessions." [emphasis added]
BIO. Surely she labored with undue political pressure to moderate NBER recommendations and public advisory notices. Clinton tax era, Summers school of monetary institutions, and the Martin "Tradeable Gas Rights" Felstein era of business. Diversity is the key to economic and political evolution.
