Tuesday, December 2, 2008

Finally, Economic Braniacs finally Admit, It's the Recession Stupid.

CNBC discussed the revelation that we’ve been in a recession since December 2007.

I've also included part of Ben Bernanke speech to business leaders in Austin, Tex., where he admits there is still a problem with companies being too big to fail. He suggests regulation as a possible solution and one he thinks "might" be enough to manage their size. Below the video is a NY Times piece dealing with the recession, throwing in a few more of the gory details.

The United States economy officially sank into a recession last December, which means that the downturn is already longer than the average for all recessions since World War II, according to the committee of economists responsible for dating the nation’s business cycles. In declaring that the economy has been in a downturn for almost 12 months, the National Bureau of Economic Research confirmed what many Americans had already been feeling in their bones.

But private forecasters warned that this downturn was likely to set a new postwar record for length and likely to be more painful than any recession since 1980 and 1981.

“We will rewrite the record book on length for this recession,” said Allen Sinai, president of Decision Economics in Lexington, Mass. the Dow Jones industrial average plunged nearly 680 points,

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