It didn’t matter how many times we said it, or how we said it, we were always told we were wrong about the recession. We may have to wait six months for the “experts” to make the official announcement, but truth is we’re already there, we once said. And we were right, as we some of you.
It was December 2007 when we first reported that America was knee-deep in a recession… the same time the National Bureau of Economic Research just said a recession began.
You see, like us, the NBER doesn’t use the definition that a recession only occurs with two consecutive quarters of negative GDP. Instead, they use key monthly indicators, including employment, industrial output, and sales.
“The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment,” said the group’s statement. “This series reached a peak in December 2007 and has declined every month since then.”
You can read more here: http://www.nber.org/dec2008.html
Shortly after the report, President Bush expressed regret that the financial crisis cots jobs and crushed retirement accounts. He also said he would support more government intervention if needed.
I’m sorry it’s happening, of course,” Bush said. “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.”
And, if you’re interested, here are some of our original recession articles: