“The U.S. entered a recession in December 2007, according to the National Bureau of Economic Research.” -CNN
“The day's news reminded investors, who last week were buying on a burst of optimism, that the economy is still in serious trouble. And at midday, Wall Street had confirmation of what everyone has suspected for months, that the nation is indeed in a recession. The National Bureau of Economic Research, considered the arbiter of when the economy is in recession or expanding, said the U.S. recession had begun a year ago, in December 2007.” -Yahoo News
It simply amazes me that our elected representatives in Washington, DC are so stupid that they didn’t realize till “now” that our country was in a recession. I remember President Bush telling us in one of his rare television lectures that the economy is “sound.” Heck, I sure felt it coming on. Course, I didn’t think that it would get as bad as it is today, but when the stock market CRASHED back on September 30th.,* I had a gut feeling that things were headed south and would get worse before it got better. Well, here we are!
Just the other day, it was reported that our officials knew about the looming financial crisis with the financial institutions, but turned a blind eye to it. Well, my opinion is that they did the same with the economy. Like Marie Antoinette may have uttered, “Let Them Eat Cake” sadly reflects how our government officials feels about its citizens and I find this mentality really irritating.
*See September 30/08 “Dow Crash 770 pts.”
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