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CNN now admits we "may" be in a recession. A recession is clearly defined as 2 consecutive quarters of economic downturn. There's no "maybe"

We are in a recession.
CNN has a keen eye for the obvious. 🙄 They are just trying to break the news carefully to their clueless viewers.
And the WH changed the definition. Now a recession is no longer a measurable metric. It's about your feelings. These people are so stupid.
@Roundandroundwego How would changing the definition be conservative?
@BizSuitStacy it's not one of the obvious steps we need to take, - it's stalling, of course.
@Roundandroundwego It's denial. Two consecutive quarters of negative GDP is a recession. Econ 101 level stuff. Changing the definition because it politically beneficial isn't fooling anyone.
Baremine · 70-79, C
@sunsporter1649 and Biden is a jackass.
When you can afford less but you work more we call that the free market without democracy doing what it always does.
You call it jobs.
It's not a recession if jobs get more of you.
Graylight · 51-55, F
Yeah, here's a secret... The media doesn't make up the facts. They report them.

In this case, for the critical-thinking impaired, they discussed the angle of some who believe the nation is in a recession or head toward one.

[quote]An organization called the National Bureau of Economic Research (NBER) has become the official arbiter of recessions. Founded in 1920, the NBER is a private, nonprofit, nonpartisan organization dedicated to conducting economic research. The NBER defines a recession as “a significant decline in activity spread across the economy, lasting more than a few months.” It dives deeply into the data tied to “industrial production, employment, real income, and wholesale-retail sales.” These are very broad categories. They are not tied to one or two sectors, which might be experiencing weakness at any given time. For example during a recession, we’d expect to see declining retail and business sales. This would lead to a decline in industrial production and a rise in the unemployment rate. It’s not as if the NBER confirms a recession has begun shortly after it begins. It took nearly a year for the NBER to confirm the last recession. By then, it was a forgone conclusion. A similar delay occurs when the economy begins to recover, and the NBER is tasked with calling the end of the recession.
[i]source: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/http://www.bairdfinancialadvisor.com/prioletti_murphy/mediahandler/media/251835/April%202019%20Client%20Letter%20_%20What%20is%20a%20Recession%20R1.pdf[/i][/quote]

The world's not as black and white as you seem to think it is.
ron122 · 41-45, M
@Graylight I'm homeless. I'm going to move to California and get free shit.🤣
Graylight · 51-55, F
@ron122 Nope. You "small government" people still need to do your part of the work. Maybe it's that entitlement attitude that's been your albatross.
ron122 · 41-45, M
@Graylight You big government people should work instead of sitting home posting crap on SW all day.
Khenpal1 · M
World will be in recession in about 6 months time. Energy prices will stay high for years .
Graylight · 51-55, F
@Khenpal1 By the way, US inflation is down for the 2nd straight month, leading gas prices to fall as well. So... so much for fatalism.
@Graylight Where are you getting your news from? CNN?

These were some of the Headlines today!

[b] CNBC - Dow tumbles 1,200 points for worst day since June 2020 after hot inflation report
[/b]

[b]ABC NEWS - Consumer prices rise unexpectedly in August, sending stock market tumbling[/b]

[b]
Yahoo Finance -
'More heavy lifting ahead': Wall Street reacts to August's shock inflation data
[/b]

Graylight · 51-55, F
@RocktheHouse Lines don't mean anything. It's the interpretation and analysis of them against known patterns and templates that communicate their meaning.

But if you saw it on the interwebz, then it's gotta be true.
Northwest · M
"Admits"? CNN has been talking about the coming recession, non-stop for months.

Look up strawman.
The entire big huge economy was never really worth that much, its output was hyped and harmful.
Hmmm...the Wikipedia article on "Recession" has

[quote]Although the definition of a recession varies between different countries and scholars, two consecutive quarters of decline in a country's real gross domestic product (real GDP) is commonly used as a practical definition of a recession.[3][4][5] In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales".[6] In the European Union, a recession is defined as "zero or negative growth of GDP in at least two successive quarters".[7] In the United Kingdom, it is defined as negative economic growth for two consecutive quarters.[8][9][/quote]

The NBER memo referenced as note 6 is:

[i]https://www.nber.org/news/business-cycle-dating-committee-announcement-january-7-2008[/i]
ron122 · 41-45, M
But braindead Biden says we're not.🤣
@ron122 his billionaire friends are doing better than ever.
Graylight · 51-55, F
@ron122 There's actually a committee that decides - a group of eight economists that meet to demarcate when a downturn started or stopped. This is the Business Cycle Dating Committee, and it's housed within the National Bureau of Economic Research. They have stated more than once that the nation is not in a recession and even if it were to slide into one, it would be some time before it would be called such.

But you follow whatever Rogan and the other blowhards come up with.
ron122 · 41-45, M
@Graylight Well I'm sure not going to follow the garbage you come up with. re·ces·sion
[rəˈseSH(ə)n]
NOUN
a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters:
That's how a resection has always been defined until Biden tried to change the definition.
justanothername · 51-55, M
It’s not a garden variety type recession.
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@Stereoguy 🤣 Democrats are all about politics, no truth in them. They're going to transition from saying "its too early to determine," to saying "we were in a recession but now the economy is doing great." It's evident from the 3/4 trillion dollar inflation [pro]duction bill they just signed.
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@Darksideinthenight2 open class war means working more for less buying power is a "strong job market".
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