US entered recession in December 2007

[bascule]

http://www.washingtonpost.com/wp-dyn/content/article/2008/12/01/AR2008120101277.html

 

The economy slipped into recession in December 2007, the National Bureau of Economic Research, the prestigious private research institute that is regarded as the arbiter of U.S. recessions, declared on Monday.

 

[...]

 

The NBER does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries. Instead, it looks for a decline in economic activity, spread across the economy and lasting more than a few months.

 

Well, at least we can put that one to rest.

 

What's funny is how contentious and polarizing the issue of whether or not we were in a depression actually was.

 

I'm reminded of this clip of Peter Schiff repeatedly issuing warnings about the state of the economy only to have them downplayed, ignored, or laughed at:

 

http://www.youtube.com/watch?v=2I0QN-FYkpw

 

Is this another issue of one side being blinded by political polarization, or was much of the country just not paying attention?

[ecoli]

I'm reminded of this clip of Peter Schiff repeatedly issuing warnings about the state of the economy only to have them downplayed, ignored, or laughed at:

 

http://www.youtube.com/watch?v=2I0QN-FYkpw

 

Last I heard tho, Schiff was wrong about the price of gold... it's down at $700 per ounce, which is half the price that people were expecting. I think this is because companies are currently dumping gold assets in favor for capital, so this is driving market price down. I bet gold and oil prices are going to be rising sharply before too long, however.

[Flashman]

Gold was overvalued IMO should be around 550-600/oz. Anyone that knew that has been unloading gold like it was going out of fashion and picking up bargain basement blue chip stocks.