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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: jlallen who wrote (148810)12/2/2008 1:12:30 PM
From: Steve Dietrich2 Recommendations  Read Replies (1) of 173976
 
A little more Econ 101 for you:

en.wikipedia.org

The NBER's Business Cycle Dating Committee has determined that a peak in business activity occurred in the U.S. economy in March 2001. A peak marks the end of an expansion and the beginning of a recession. The determination of a peak date in March is thus a determination that the expansion that began in March 1991 ended in March 2001 and a recession began. The expansion lasted exactly 10 years, the longest in the NBER's chronology [1]. According to the National Bureau of Economic Research (NBER), which is the private, nonprofit, nonpartisan organization charged with determining economic recessions, the U.S. economy was in recession from March 2001 to November 2001, a period of eight months. However, economic conditions did not satisfy the common shorthand definition of recession, which is "a fall of a country's real gross domestic product in two or more successive quarters,", and has led to some confusion about the procedure for determining the starting and ending dates of a recession.

Was there a recession in 2001? NBER says yes. JLA would say no. Who should we believe? A lying partisan moron or the official arbiter of business cycles in the U.S.?

Tough call, i guess we'll never really know...

SD
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