In macroeconomics, a recession is a decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive
quarters of a year.
Martin Feldstein is a professor of economics at Harvard and the president of the National Bureau of Economic Research -
linky
"My judgment is that when we look back at December with the data released in 2008 we will conclude that the economy is not in recession now. There is
no doubt, however, that the economy is slowing. There is a substantial risk of a recession in 2008. Whether that occurs will depend on a variety of
forces, including monetary policy and a possible fiscal stimulus."
"Economists cannot reliably forecast recessions. Nor can they detect for certain when a recession is in progress. Only after the fact do the official
cyclical timekeepers identify the beginning and ending dates of a slump."
In other words, when it generally accepted, its already been happening for a while.
The UK budget tomorrow will also be a good indicator.
We live in highly unstable times, and the FED bailing out the economy to this level is a huge indicator of what is really happening.
I do not want to loose the roof over my head, but i accept that the state the economy is in there is a good chance of that in the future.
I am also willing to accept the fact that it might recover, and i can buy that new car.
The fact is, at this present time, it looks like the wheels are going to come off.
I am not controlled by the media, i go through what is spoon fed to me, and look for other alternative standpoints, and base my thinking on that.
I respect your opinion, but i do believe you are blinkered in your thinking, and perhaps should be willing to accept that perhaps one day of good
trading does not stop people losing their homes or livelihoods
If you were in business, you would already know what is happening. We may not officially be in recession, but lending organizations and other
businesses are certainly behaving as if we are, which doesn't make for great trading. Im sure there are lots of examples of this you could find.
[edit on 11-3-2008 by 2ciewan]