9 ms·

Something tells me the end of the recession had an effect on this ratings decline.

• jaekwon 17y ago
  the end?
  • rooshdi 17y ago
    Yes, technically it has been over for quite some time: http://www.marketwatch.com/story/bernanke-declares-the-recession-over-2009-09-15 http://www.marketwatch.com/story/bernanke-declares-the-reces...
    • jswinghammer 17y ago
      I guess if you cook the books you can make them say anything. It's hard to take anything Bernanke says seriously. He didn't see this crisis coming and he was never right about anything before. Why would we think he's suddenly right about something?
      • jbooth 17y ago
        Recession has a definition, and it ends with GDP growth above 0.000001%, not employment or consumer confidence or anything else.
        • jswinghammer 17y ago
          Who defines GDP and how are they doing it? That's what actually matters. You can define your way out of any situation-it doesn't mean it actually changed for the better.
          • rooshdi 17y ago
            Please read: http://assets.opencrs.com/rpts/RS22793_20080123.pdf http://assets.opencrs.com/rpts/RS22793_20080123.pdf
          • rooshdi 17y ago
            Please read this too: http://useconomy.about.com/od/grossdomesticproduct/p/GDP.htm http://useconomy.about.com/od/grossdomesticproduct/p/GDP.htm
        • jsm386 17y ago
          In the US, business cycles are declared by the National Bureau Of Economic Research - and their definition of recession is not just about GDP: The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Rather, 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.
          • jbooth 17y ago
            Well, ok then, but it does say something that they nod in the direction of "what everyone else defines a recession as, very specifically" before offering their own redefinition :)
        • Daniel_Newby 17y ago
          Recession means whatever you want it to mean. The GDP stabilization we have seen (in America) is the result of Ponzi financing by the Fed and Treasury, along with continuing to turn a blind eye to financial fraud. If I were the usual Atlas Shrugged-thumping Reaganite wingnut this is where I would point out that Ponzi financing is unsustainable and the size of the government must be slashed. Fortunately I am saved from that embarrassment by the fact that Berkshire Hathaway can now borrow money more cheaply than the U.S. Treasury. The bubble has popped and the economy is taking the second leg down. You can see it in the grocery stores -- the deflationary decline is here. Wal-Mart tried heroically to raise prices for a while, but now they are back to cutting prices on basic necessities. The inventory rebuilding that stabilized GDP is finishing up. And then there is the health care "reform" plan that is about to rip the guts out of the economy. If people are having trouble buying groceries, it will break them to be forced to buy a gold-plated health plan that covers singing chiropractors. Nor can they afford the massive penalty tax in lieu of insurance. Nor can they afford to neglect diabetes and medical treatment because of the new health care supply taxes. And let's not even think about the energy rationing measures. The 2008-2009 leg of the recession was caused mainly by the spike in energy and metal prices. Cap-and-trade will spike energy prices just as badly, guaranteeing that the economy will plummet down again as much as it already has.
          • jbooth 17y ago
            I appreciate the well-thought-out post, but you're contradicting yourself. If the fed and treasury are keeping rates too low and increasing the money supply too aggressively, we should be seeing <i>in</i>flation. But we're not. That indicates to me that interest rates should be kept low and quantitative easing should be pursued until the threat of deflation recedes. You can't raise the specter of deflation and then demand that the government stops borrowing or raises interest rates -- that's contradictory. Japan in the 90s/00s and the US in the 20s/30s had a deflationary cycle precisely because they attempted austerity measures too quickly. Also, I'm pretty sure singing chiropractors are not mentioned in the healthcare bill :). The rest of your points are similarly exaggerated or inaccurate. EDIT: Wait. Seriously. Did you say that the 2008-2009 collapse was primarily caused by commodity prices? You never heard of a little industry called "housing"?
      • gloob 17y ago
        The strength of your argument seems to rest on the statement "he was never right about anything before". If it is literally true, you have a very strong point. If it is only true in some handwavy, "you-know-what-I-mean" sense, then your argument is itself handwavy. While I admit to being undereducated in these types of discussions, my suspicion is that your statement is closer to the second option than the first one.
        • jswinghammer 17y ago
          Bernanke consistently believed that there was no systemic risk in the financial markets, that the Fed could handle anything that came up without trouble, and that there was no housing bubble. On the major issues of our time he has never been correct. I'm no economist but I have read a few books on the topic of varying degrees of depth. I saw this crisis coming and got out of the stock market and went to a job that was far safer than the one I had (which was based on the housing industry continuing to grow). Check out the Peter Schiff Was Right videos on Youtube for some humor on this topic.
• schwit1 17y ago
  End of the recession? Tell that to the 16% still unable to find work.