Deanh Posted November 6, 2008 Share Posted November 6, 2008 Yep. in which case it seems a deliberate action to AVOID the "R" word being used in the same sentence as the Bush regime....cheeky....Georgy couldn't live with that burden in his resume Quote Link to comment Share on other sites More sharing options...
fmccap Posted November 6, 2008 Share Posted November 6, 2008 I realize that a technical definition of what constitutes a recession means little to someone who recently lost a job or a house, but here goes anyway: Recession - a decline in GDP for two or more consecutive quarters. The second quarter of 2008 saw real GDP increase over the first quarter at an annualized rate of 2.8%. The third quarter of 2008 saw real GDP decrease from the second quarter at an annualized rate of 0.3%. If the fourth quarter sees another decline in real GDP, then we will technically be in a recession that began during the Bush administration. I hope that doesn't happen, not to protect the current president, but for what it would do to ordinary men and women. Source: Bureau of Economic Analysis. Global ZIRP And The "Impossible Contraction" The widely used definition of a recession is "Two consecutive quarters of negative growth". However, that definition is wrong. Contraction for two quarters is indeed a sufficient condition, however it is not a necessary condition. National Bureau of Economic Research describes the Recession Dating Procedure. A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. Quote Link to comment Share on other sites More sharing options...
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