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Old 09-07-2011, 04:06 PM
 
2,488 posts, read 4,308,745 times
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Quote:
Originally Posted by Jo48 View Post
I have one question for everyone. When did the Old Recession END? It seems to me that it has DEEPENED, not ended and a new one started.
According to these "economists", the Great Recession ended over two years ago. How and why did they say that? I don't know.
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Old 09-07-2011, 04:12 PM
 
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Quote:
Originally Posted by Kevin from Tampa View Post
This is nothing like the Great Depression. I took a class on the period from 1914-1945 in college...the Great Depression was much worse than this.

The broadest measure of unemployment we have now, the U-6 (which measures all people who unemployed and underemployed), peaked at around 17% in this recession. During the depths of the Great Depression, it is estimated that this measure, which did not exist at the time, was 45%.

This is a bad time in our economic history, but there have been worse recessions than this one.
Exactly, people have no idea how bad that was.
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Old 09-07-2011, 04:13 PM
 
14,802 posts, read 17,553,974 times
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Quote:
Originally Posted by 90sman View Post
According to these "economists", the Great Recession ended over two years ago. How and why did they say that? I don't know.
Because there is a statistical definition of recession. Two consecutive quarters of negative economic growth. The US economy has been growing for a while now (slowly of course).
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Old 09-07-2011, 05:22 PM
 
5,500 posts, read 10,480,539 times
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Quote:
Originally Posted by 90sman View Post
According to these "economists", the Great Recession ended over two years ago. How and why did they say that? I don't know.
Simple, by definition it's over.

What a lot of people don't realize is they are never returning to pre-bust. It's just like your home was never really worth what it was at the peak. That lifestyle was propped up by a bubble. Peoples perspectives is getting back to their lifestyle how it was during the bubble when it should be a much lower expectation.
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Old 09-07-2011, 11:31 PM
 
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What this thread is revealing is that a lot of people do not have a great understanding of economics and history...which might be why we're in this situation to begin with.
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Old 09-08-2011, 01:01 PM
 
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Quote:
Originally Posted by Vlajos View Post
Because there is a statistical definition of recession. Two consecutive quarters of negative economic growth. The US economy has been growing for a while now (slowly of course).
The economy had been growing but terribly slowly. Now it has slowed even further. Technically you don't know if a recession started until the data is in at the end of quarters. We could be in a new recession today and it won't be confirmed for months.

If you apply the technical definition the the 14 million unemployed that the Gov't counts (there are millions more they don't), their household is in a recession.

Last edited by alfbroker; 09-08-2011 at 01:02 PM.. Reason: spelling
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Old 09-08-2011, 08:06 PM
 
17,815 posts, read 25,506,607 times
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Quote:
Originally Posted by Vlajos View Post
Exactly, people have no idea how bad that was.

Sigh...that is because they didn't have welfare, food stamps, and 99 weeks of unemployment to help cover up the problem during the GD.

In the 1930s they had something called Home Relief. That was it. Talk to someone who lived through it. Home Relief would drop in on the family unannounced to do inspections.

If they had a radio(that's right a radio) Home Relief would take the radio. Since they were paying the electric bill. The mindset was "how dare you have a radio on since we're paying to keep your lights on".

Could you imagine that today? Today it is the norm for people on assistance to have cable TV and cell phones.

If we didn't have the social services of today in place you would be seeing more of the problem.

And there are a lot more people out of work then is being reported.

Especially in FL where you had a lot of people working "cash jobs" like construction, home repair, grass cutters, pool cleaners, etc. People who took cash only jobs and due to the economy were let go but of course don't qualify for UE benefits because they chose to go the cash job route.
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Old 09-08-2011, 08:13 PM
 
Location: Free From The Oppressive State
30,122 posts, read 23,508,546 times
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Quote:
Originally Posted by 90sman View Post
The economy started to take a downturn under Bush and crashed in 2008, before the elections. But Obama hasn't necessarily helped by overspending and increasing our deficit even further and at a quicker pace.
Yes. When Democrats controlled the House and Senate.
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Old 09-08-2011, 10:50 PM
 
Location: FL
872 posts, read 1,703,453 times
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Quote:
Originally Posted by Three Wolves In Snow View Post
Yes. When Democrats controlled the House and Senate.
Exactly!
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Old 09-10-2011, 08:37 AM
 
378 posts, read 826,077 times
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Sour Florida Economy?
Rick Scott: Sour economy could delay Rick Scott's corporate tax cut - OrlandoSentinel.com
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