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- whoreable, on 10/14/2008, -1/+43Where is captain obvious when you need him?
- GeeksSpeakFont, on 10/14/2008, -2/+33the R word was bound to be confirmed one of these days...
- mkovacev, on 10/14/2008, -1/+27surprise surprise...
- 1776, on 10/14/2008, -2/+26Thanks for finally acknowledging what we've known for a over a year now. Can we stop shooting ourselves in the foot now?
- koicho, on 10/15/2008, -1/+24“This is worse than divorce. I’ve lost 50% of my net worth and I still have my wife”
- inactive, on 10/14/2008, -0/+17The sooner it happens, the sooner it's over with.
- noupsell, on 10/14/2008, -0/+15FTA "I have been around for a while. I have seen a lot of crises but I have never seen anything quite like this one," Volcker said. "This crisis is an exception. I don't think we can escape damage to the real economy."
- Filipp0, on 10/15/2008, -0/+13ORLY?
- Dereliction, on 10/15/2008, -1/+13Next in the news; Scientist claims "Water is wet," and a national politician admits that, "We lie because we like your money."
- inactive, on 10/15/2008, -1/+13This just in: A bear ***** in the woods and the Pope is Catholic.
- shylove, on 10/14/2008, -4/+15Reaganomics and a non-regulatory fantasy along with an economy that has been running for a long time on speculation and financial manipulations of all kinds while everything else is outsourced so our pollution can be dumped on other countries is bound to rebound on us eventually. This didn't happen overnight, it is a result of the constant repetition of a fallacy that has become an article of faith among many. If we keep buying into it, good luck...
- inactive, on 10/15/2008, -0/+11I don't get your point. It bleeds when you masturbate?
- barstegry, on 10/15/2008, -0/+9In related and equally stunning news, Clay Aiken has admitted he is gay....
- TheWriteGuy, on 10/15/2008, -0/+9We've been in recession for years now. The "growth" numbers have been contrived through bad loans, ballooning credit, and manipulating unemployment numbers (throwing out people who have been unemployed for more than 6 months, and those who are continually under-employed/working part time but seeking full time).
Yes, technically, a recession is defined as no growth across two quarters. But if you can fudge the numbers to make things appear better than they really are, then you could pretty much make it look like you're never in a recession. - psud0, on 10/14/2008, -1/+9He woke up after a looooong loooong dream. :)
- Dweller99, on 10/15/2008, -0/+7fine. We wont call it a recession, since it does not meet the textbook definition. How about we call it *****. Is that a better word to describe it?
"Former Fed chief says US is now *****."
Yep, seems to work just fine. - inactive, on 10/15/2008, -2/+8The picture is of gold bars, but the Federal Reserve has no gold reserves.
The IMF holds 66.67% of the world's gold supplies in its vaults. - Michigan85, on 10/15/2008, -1/+7"Former Fed chief says U.S. now in recession"
I'm from Michigan. So I can't help but respond with a sarcastic "No *****?!" - inactive, on 10/15/2008, -0/+5Volcker was the last decent Fed chairman we had. While people say "no *****" about this, he's not making a prediction, he's just stating a fact. A "recession" to an economist isn't just "a ***** economy" it has a specific definition. Of course, it's not really newsworthy that Volcker can see the obvious, but I'd rather hear more about what he has to say, since he's the last Fed chairman who was actually able to deal with an economic crisis and pull the economy out of it.
People liked Greenspan because he fed a boom, but Volcker took a bust and turned it around, which is worth a lot more respect in my opinion. Of course nobody here remembers the 70's, but Volcker turned the 70's into the 80's. Appointed by (surprise) Carter who everyone blamed for a ***** economy. Makes Carter basically responsible for the growth of the 80's. Reagan, who got all the credit, appointed that idiot Greenspan who completely destroyed the economy with the equivalent of a monetary crack binge. - MikeyMoose, on 01/30/2009, -0/+5Admitting you're powerless?
- inactive, on 10/15/2008, -2/+7It's true, if you run Crysis you will damage the economy.
- stradf, on 10/15/2008, -0/+5Well, you're actually right, BUT
2008's two first GPD could get revised later this year into negative territory
Also
Real GPD (taking into account inflation) is negative.
MUHAHAHAHAHAHAHAHAH
/Cast recession - SemiSarcastic, on 10/15/2008, -0/+5"Its only a matter of time until the blood flows" Yeah, when you use ***** SAND PAPER!
- borez, on 10/15/2008, -0/+5Hey... I'm right here, give me a heads up.
No wait... back to bed. - prossi10, on 10/15/2008, -3/+8No we're not, the word recession has a clear definition, and we don't fit the criteria. More panic and fear mongering, just what we need. We haven't had at least two straight quarters of negative GNP. Just stop with the buzz words and fear mongering!
- borez, on 10/15/2008, -2/+6That's one small step for man, one giant leap for captain ***** obvious.
- stradf, on 10/15/2008, -0/+4REALLY WE'RE IN RECESSION???
I guess the DOW plumetting, the house prices crashing, the unemployement rising, the rising prices and confidence index drops weren't enough. We needed an ex-FED chief to say it.
HI GUYS I THINK WE IN RECESSION ROFL
/rofl - PhilLesh69, on 10/15/2008, -0/+4I accidentally recession. What should I do... is this dangerous?
- 1longtime, on 10/15/2008, -0/+4You enter a dimly lit room with some fat white guys and a line-graph that clearly points downward. Before you can react, a mage half-orc casts a spell on your party.
You feel your coinpurses lighten. The Fed must successfully make a savings throw or be paralyzed for 10 melee rounds and leave your party with an adjustable monthly mortgage that is 300 gold pieces higher than the value of your horse. - Dkrainey, on 10/15/2008, -1/+5They didnt want to say it cause fear is the enemy of the stock market. Now it really does not matter what they say cause the fear is there.
- MakanGuru, on 10/15/2008, -1/+5this just in!
"the world is NOT flat!" - derek20la, on 10/15/2008, -0/+4yeah but when the gov't does an enron to the books, they can make the numbers say whatever they want
visit http://www.shadowstats.com/alternate_data
if inflation now was calculated by the same standards as 1980, its currently over 13% - SemiSarcastic, on 10/15/2008, -0/+4Paul Volcker: "Yeah, I called it! You guys can thank me later."
- gchetrick, on 10/15/2008, -0/+4Wow, step one is now complete, we have admitted there is a problem...What's next..
- algaeturd, on 10/15/2008, -0/+4YA THINK? Middle America has been in a recession for almost a year now. Just because the political idiots on the hill won't acknowledge it doesn't mean it's not happening. That's one thing politicians never learn...they think if they ignore *****, it'll go away.
"The fundamentals of our economy are sound."
-McCain about a month ago. This man is crazy. Very, very crazy and out of touch with the average person. If Joe Six Pack doesn't realize he's in a recession, he needs to go back to get his GED. - Hillsfar, on 10/15/2008, -0/+4You know nothing about history. Volcker served during a time of severe stagflation and high oil prices. He brought double-digit inflation down by repeatedly RAISING interest rates even though it hurt.
- ajpoker, on 10/15/2008, -1/+5Umm, yeah, this isn't a free market, so fallacy it be...
- inactive, on 10/15/2008, -0/+3What is a recession?
- Anth0n, on 10/15/2008, -0/+3The only reason no one wants to admit we're in a recession is because they want us to keep spending.
- mrgeekguy, on 10/15/2008, -0/+3Thank god it's only mental!
- brad3378, on 10/15/2008, -0/+3Or about 5 years for those of us from Michigan.
Is it any wonder why I work in another state? - drmobutu, on 10/15/2008, -1/+4It started in January, of 2001, as far as I'm concerned...
- feignNU, on 10/15/2008, -0/+3Seriously shylove, don't make the mistake of thinking the fault of this crisis lies in the "free market", and that the only solution to it is heavy government involvement in, even total centralized planning of, the economy. Just remember that these crooks who call themselves conservatives and claim to be for "deregulation" are really for "selective deregulation of those who donate". They want to meddle when it benefits them monetarily or politically. It is this, and our particular brand of a debt-based economy with a centralized bank that got us into this mess, and it's these things we have to undo if we ever want to curtail the severity of these issues.
- KOSmurfy, on 10/15/2008, -0/+3There are multiple definitions of recession actually, and the NBER doesn't use yours. We tend to stick with one to be consistent, but conceptually, recessions are not as well-defined as you make it sound.
Also, notice that it's the *former* Fed chief saying this. He's saying we're in a recession based on his expertise and the current circumstances. It won't be official until that data is finalized later this year or next, but that doesn't mean we're not in a recession. Only time will tell, and in the mean time, expert *opinion* can give us some idea as to where we are. - Hillsfar, on 10/15/2008, -1/+4GDP is faked.
- TheMachine1, on 10/15/2008, -0/+3We were in a recession in the summer when gasoline demand dropped when oil hit $140. Gasoline demand usually raises in the summer and its demand from year to year is fairly "inelastic".
- PhilLesh69, on 10/15/2008, -0/+3No, it is 2 or more consecutive quarters of negative GDP growth.
- inactive, on 10/15/2008, -0/+3oops I just recession
- londubh, on 10/15/2008, -0/+3It's been in recession since 2000. Now it's official.
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