Great news - The Recession is over - it ended over a year ago....

[XDCX]

If the title of this thread sounds a little sarcastic, it was intended to be.

The National Bureau of Economic Research announced today that the recession that started in December 2007 ended in June of last year. The 18 month recession was the longest on record since World War II.

While I understand the technical definition of a recession is a measure of the Gross National Product, I doubt too many Americans would agree that the recession ended over a year ago. With high unemployment, falling real estate values and record setting foreclosures it doesn't seem like much of a recovery.

In fairness, the economists acknowledge that the pain from the recession still lingers and it may be an extended time before employment recovers.

[steve_biegler]

Did you hear that in Orlando?

[XDCX]

Originally Posted by steve_biegler

Did you hear that in Orlando?

So far, everything I've heard from Orlando has been positive.

Concerning the economy, I'm a skeptic. While I acknowledge that we've made it through the darkest days and GDP is no longer contracting, I think it will be awhile before the days of 16 Million SAAR return.

On the plus side; the stock market has rallied, interest rates remain low and used car prices have been strong. On the down side; unemployment is high, housing continues to fall and there's been tremendous wealth destruction in terms of 401K values which will likely impact discretionary spending for the next several years.

[steve_biegler]

Originally Posted by XDCX

So far, everything I've heard from Orlando has been positive.

Just remember what we talked about.......Badmouth and lose allocation, favors, etc. I have talked to a few guys that were more reserved than those here. Not really that bad but not that optomistic either.

.

[CL Pgh]

Think about it... we never needed to do the Cash for Clunkers program! (we need a sarcasm smilie here)

BTW... do you think the bank CEO's are buying this BS??? No!

[XDCX]

Originally Posted by CL Pgh

Think about it... we never needed to do the Cash for Clunkers program! (we need a sarcasm smilie here)

That's right, the recession already ended before C4C even started.

Originally Posted by CL Pgh

BTW... do you think the bank CEO's are buying this BS??? No!

I think you nailed it - the fact the big banks are sitting on huge reserves and not loaning money is disturbing.

[Txflyer]

That headline is the biggest bunch of political propagand to see the light of day since 1930's Germany.