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Originally Posted by SUBMAN1
Recession is 2 consecutive quarters of negative GDP. Even though we are officially in a recession, 2008 still had growth of 1.25% GDP, so all the news doom and gloom was wrong.
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Wrong, wrong, wrong...
A recession is NOT 2 quarters of negative GDP. The official arbiters of recessions, the NBER define it as
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A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
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All of which we've seen. And when you look at the chart of GDP growth, I'd say there's plenty to doom and gloom about
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Fourth quarter GDP was at an annualized -6.2%. The worst showing in a quarter century. And that's not doom and gloom? :rotfl: