From my experience by the time a critical mass of economists officially declare a recession we are already either actually out of it or have already long the turned the corner.....
There's truth to this, and it is acknowledged by economists.
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From my experience by the time a critical mass of economists officially declare a recession we are already either actually out of it or have already long the turned the corner.....
Since apparently nobody here knows what it means:
"An extended decline in general business activity, typically two consecutive quarters of falling real gross national product."
recession - Definitions from Dictionary.com
NOW....have we had two consecutive quarters of FALLING REAL GROSS NATIONAL PRODUCT???
Why no, we haven't. I guess we aren't in a recession.
From my experience by the time a critical mass of economists officially declare a recession we are already either actually out of it or have already long the turned the corner.....
Yea, so what? All of that is a GOOD thing. We are purging our economy of its excesses and there is always pain in that.
In ALL cases.
As to a recession cleaning out the deadwood and excesses?
My aren't you a hard headed realist.
I'm sure we're all impressed by such pragmatism.
One of these days, when the Gods of eonomics turn you into excess, you'll better understand why recessions are not exactly the wonderful cleansing treatment you seem to think they are now.
Umm you might want to quote the guy who said Recessions clean out the Deadwood and Excess. By only quoting me and answering me and him, it makes it look like I said that, when I did not.
So for the record people, The only comment I made was to say Recessions are usually determined after the fact. The rest of his quote, I am not sure who said it, but it was not me.
Editec, the pain and suffering that comes with a recession is a necessary evil to teach society the lessons of malinvestment, bad business decisions, poor budgeting, etc.
When government intervention comes in and "avoids" a recession through regulation and legislation, not only do we lose another piece of our freedom, we lose the ability to learn from our mistakes. It creates moral hazard, more socialism, and a false sense of protection, because many recessions that DO happen are a product of something that was done previously to try and avoid a PAST one.
The mortgage lenders that processed our loans taught the big banks a lession when they passed on all those bad loans. But they just got bailed out by the federal reserve. But yes, people learned a lession. Never let the gop be the president or majority in either house. They will teach us more lessions.
they Would Be Well Served Not To Put Too Much Stock In Someone That Spells Lessons, Lessions Either....
Editec, the pain and suffering that comes with a recession is a necessary evil to teach society the lessons of malinvestment, bad business decisions, poor budgeting, etc.
When government intervention comes in and "avoids" a recession through regulation and legislation, not only do we lose another piece of our freedom, we lose the ability to learn from our mistakes. It creates moral hazard, more socialism, and a false sense of protection, because many recessions that DO happen are a product of something that was done previously to try and avoid a PAST one.
Recessions teach the lesson of bad decisions?
Like the decision to elect George Bush?
Editec, the pain and suffering that comes with a recession is a necessary evil to teach society the lessons of malinvestment, bad business decisions, poor budgeting, etc.
When government intervention comes in and "avoids" a recession through regulation and legislation, not only do we lose another piece of our freedom, we lose the ability to learn from our mistakes. It creates moral hazard, more socialism, and a false sense of protection, because many recessions that DO happen are a product of something that was done previously to try and avoid a PAST one.
Sadly, Paulitec, the wrong people often pay for the mistakes. What lesson is learned other than the poor pay for the mistakes of the wealthy?
People go to work, do their jobs and poof! their jobs are gone.
Yesh, the socialists have been bitching about this for years...as have the libertarians. Ironic isn't it?
Economics makes strange bedfellows, too, I suppose.
I'm not sure why the socialists would be bitching about added intervention and less freedom, as you say.
But I believe that just looking at how our population is reacting to this recession is a prime example of the "lessons" I mentioned. It took $140 oil, but we finally realized that conservation makes a little SENSE. We realized that it's a bit ridiculous to continue consuming everything in our path like vultures, and instead re-learn how to live off what we can AFFORD, and make good use out of what we already have/had. It's the same thing that happens everytime there's a recession, except not ENOUGH pain is allowed to be felt, because our government feels a desire to step in. This in turn puts the idea in people's minds that when things go good again, it's ok to be fiscal idiots once again, because the next recession will be avoided or at least lessened through more intervention. With an INEVITABLE end result, as I'm sure you are aware of: The shit hits the fan.
Look at Paulson and Bernanke these days, wanting to give more power to the Fed to control our economy. An organization that already has such limited oversight and accountability wants even MORE control. I can't even imagine how many barrell rolls the founders have done in their graves just this year ALONE.
You can't? What do you think they mean when they complain about socialism for the rich and capitalism for the poor?
Yeah, I basically agree with that. Now look at who is being helped, mostly, Paul. Far more money id being spent to bail out investors and banks that all the American people combined.
Again, I see that point.
I'm failing to understand where we disagree here.
Every two term President has had a recession on their watch. Eisenhower had a big one on his watch, Nixon, likewise. The worst recession since the Great Depression was the one in the early 80's during Regan's term as he shifted the economy to a supply side model. Clinton had two, one at the very beginning he inherited from Bush Sr. and one at the end he gave to Bush Jr that got intensified by 9/11. And now Bush has one of his own. The next two termer is GUARANTEED to have one, no matter which party he or she comes from.
Every two term President has had a recession on their watch. Eisenhower had a big one on his watch, Nixon, likewise. The worst recession since the Great Depression was the one in the early 80's during Regan's term as he shifted the economy to a supply side model. Clinton had two, one at the very beginning he inherited from Bush Sr. and one at the end he gave to Bush Jr that got intensified by 9/11. And now Bush has one of his own. The next two termer is GUARANTEED to have one, no matter which party he or she comes from.