The Depression is Over!? (September 20, 2010)
. . .
E “The Depression is over. So they say. In fact, it was only a recession and has been over since June 2009. So says the National Bureau of Economic Research, the NBER.”
U “How does that work? Can I get a job, go back to work and collect a paycheck retroactive to June, 2009? That is my benchmark.”
E “Call them. The NBER is generally respected as institutions go. They pegged it as just a recession that was over in June 2009.”
U “Praise the Lord and pass the paycheck.”
E “A well-informed citizen should understand the NBER economic model; I don’t. There may not be enough time even late on Saturday night to analyze the economic model. However, I follow every fundamental economic factor. The economic fundamentals are worse than they were two years ago. The NBER conclusion seems wrong.”
U “I don’t understand the economic model, but I know the conclusion is wrong.”
. . .
Bumper stickers of the week:
Recessions are so overrated.
2 + 2 = 5