Dec 18
Everyone can now relax. We are officially IN a RECESSION. You probably have known that for some time now, but the official word hs come down from the mountain tops and here’s what the tablets have written on them. The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.
The NBER—a private, nonprofit research organization—said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.
The White House commented on the news that a second downturn has officially begun on President George W. Bush’s watch without ever actually using the word “recession,” a term the president and his aides have repeatedly avoided. Instead, spokesman Tony Fratto remarked upon the fact that NBER “determines the start and end dates of business cycles.” One must keep up the optimistic and stoic look you know!
“What’s important is what is being done about it,” Fratto said. “The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that’s where we’ll continue to focus.” But, President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said he’ll back more government intervention if needed to ease the recession.
“I’m sorry it’s happening, of course,” Bush said in a wide-ranging interview with ABC’s “World News,” which was airing Monday. “Obviously I don’t like the idea of people losing jobs, or being worried about their 401(k)s. On the other hand, the American people got to know that we will safeguard the system. I mean, we’re in. And if we need to be in more, we will.” Easy for him to say because that’s no sweat off of his brow bro!
Ah, the Bush legacy, two terms: two recessions, too wars, and too bad!
As a spiritual-futurist, I interpret current events in light of possible macro-universal forces at play leading up to 2012, but not limited to it.
