Posted by
Jon on Thursday, May 01, 2008 4:30:37 AM
I didn't get the story, but one of the headlines on my iGoogle widget this morning was "Economy shows low growth last quarter" or something like that. A recession is defined as "two quarters of negative growth". This means we are not in a "recession", but a "slow-down". Which is exactly what Bush said. Even Greenspan and Bernanke were wrong about this. Now, maybe we'll start shrinking this quarter, which might be the start of a recession, but we weren't in one last month.
Sarcasm aside, we're close and it's getting bad, but there's no cause for mass hysteria. I actually read some fool on a lefty site saying that he went through the Great Depression and we're in one just as bad right now. That's so obviously false, he must be in some company town that shut down the factory or something, because that's just absurd. Who knows. But there's more hope out there than we're being shown.