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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: JohnM who wrote (129333)	1/26/2010 7:11:45 PM
From: Katelew	Read Replies (1) \| Respond to of 541933

I have such a problem with the word "collapse".:) Here's a graph of the recession. It clearly shows the decline of consumer spending starting in the third quarter of '07, a full year before Lehman and Bear Sterns went under. Also notice that the worst quarterly decline was slightly more than 6%...hardly a collapse. Would be that the stock market had only declined 6%. I agree there was a lot of fear bordering on panic engendered during the past two years. And the media milked it for all they could. The reality was different, and I believe when all the revisions are in you'll also see that this recession was pretty typical and not caused by the banking debacle. money.cnn.com