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View Poll Results: Is our economy in a Recession?
Yes 40 58.82%
No 6 8.82%
Yes, but we are bouncing out 7 10.29%
No, we are barely entering 15 22.06%
Voters: 68. You may not vote on this poll

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Old 07-10-2008, 01:14 AM
 
Location: Chicago
38,690 posts, read 89,203,959 times
Reputation: 29451

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Quote:
Originally Posted by goozer View Post
And to follow on this point...the average person doesn't care what a recession means. They care when they are getting squeezed finanically in a bad way. And that is exactly what is happening to millions of average folks right now. With $4 per gallon gas, a housing and credit collapse, and layoffs and stagnant salaries sweeping the country, these are not good times right now.
Fair enough. But the question was not "do you care whether or not we're in a recession?" or "are you getting squeezed financially in a bad way?" The question was "is our economy in a recession" which is something that can be objectively quantified and answered in the affirmative or negative. The answer may change in the upcoming months, but for now it is "no."
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Old 07-10-2008, 07:00 PM
 
2,502 posts, read 8,049,547 times
Reputation: 885
Ehh...some economists are starting to say "yes". I saw it on the news the other day.
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Old 07-11-2008, 01:24 AM
 
763 posts, read 2,039,571 times
Reputation: 236
A recession is two or more consecutive quarters of negative economic growth. We haven't even had one quarter of negative economic growth. Now, last quarter, we only grew .5%, but it still grew.

So, all emotions aside, we are not in a recession, and anyone who says otherwise can't handle the truth!

But, if the media keeps trying to convince us that we're going to be in a recession, I have no doubts that we will be eventually. People are easily persuaded.
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Old 07-22-2008, 11:36 PM
 
10 posts, read 18,132 times
Reputation: 12
Nowadays, the term recession seems to be used when quarterly growth occurs but not at the desired level. By the strict definition given by post #13, the answer is no. However, it is undoubtedly coming soon due to all the outstanding loans that are and will be written off (trillions of $ according to the WSJ) by consumers, banks, title companies, construction firms, credit card companies, etc. This one will be caused by too much outstanding debt due to millions of people living beyond their means, defaulting on loans, and because of dumb creeps providing these trillions of dollars in loans to people who simply could not afford to pay them in the first place just to create the illusion of immediate gains. What is backing all this "money" up? I think this is a large reason why the U.S. dollar is doing so crappy. The rest of the world sees this on Fox or NPR News and realizes that the average American spends their money unwisely, generates large amounts of debt, and defaults on their loans. What makes it even worse is that a large amount of American corporations have done the same thing in the past few years and were bailed out by the U.S. govt to some degree (WorldCom, Enron, Xerox, to name a few). When this large scale irresponsibility permeates all levels of American culture and is flaunted on the U.S. news for the world to see, its no wonder the U.S. dollar's worth has decreased globally. Its just simple business!
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Old 07-23-2008, 06:06 AM
 
3,669 posts, read 8,842,808 times
Reputation: 2138
If you ask me I'd say we've been in a recession since 2006. In my life, things have been tough for me financially since then. We first started to see signs of the economy weakening in Q3 of 2006, even though we've had some strong quarters since then. Now by actual definition of a recession (2 or more consecutive quarters of negative gross domestic product), it hasn't happened yet. Just a few quarters with very low GDP growth. The housing slump started in 2006, as well as the U.S. auto industry, and unemployment started to go up. The Dow Jones set new records in 2006 and 2007, but that isn't necessarily an indicator that the economy is great. The Dow has set record highs during the early 90's recession.
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Old 07-23-2008, 06:07 AM
 
Location: St Simons Island, GA
23,085 posts, read 35,035,900 times
Reputation: 15256
Technically, we are not in recession...yet. The economy would have to be in a state of negative growth, which has not yet happened. We still have marginal gains.
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Old 07-23-2008, 07:24 AM
 
Location: In The Outland
6,023 posts, read 11,905,446 times
Reputation: 3535
There is no recession in our area, not even close. The only place where I believe is in true recession is Michigan ! The economy here in Montana is booming especially here in North central Montana because we got good timing on rainfall. All the grain farmers are grinning !
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