We are Not in a Recession
Period. End of story. What’s for lunch? And anybody who says otherwise, including Mr. Obama (proving again that he’s just another politician) and Mrs. Bill (as if truth-telling were anywhere on her agenda), is either lying or ignorant.
And it’s as simple as that.
A “recession” has a clear definition; it’s not something that we define in some fuzzy, nebulous way. From Wikipedia, “a recession is a decline in a country’s real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year.” That, my friends, is the definition. In the third quarter of 2007, the economy fairly roared along, growing at a 4.9% clip. It slowed in the fourth quarter to 0.6%. That’s not great, but it’s growth, not decline. We don’t have the numbers yet for the first quarter of 2008, and I’m not saying that the economy is buzzing, but what I am saying is this (and I’ll repeat, for those of you in Yorba Linda or West Palm): we are not in a recession, and anybody who says otherwise is either lying or ignorant.
This phrase comes from the 1978 "Jonestown massacre" in which most members of the Peoples Temple cult, blindly following their leader Jim Jones, committed suicide by drinking cyanide-laced Kool-Aid.
Osborne: A Contrarian's Guide to Knowing God
Schlossberg: Idols For Destruction
