Monday, December 1, 2008

It's "Officially" A Recession

Well, I was off by a month. The organization responsible for dating economic recessions, the National Bureau of Economic Research (NBER), has finally come out and declared that we've been in a recession since December of 2007. It only took 11 months of deteriorating economic data, the collapse of some of our largest financial institutions, the shuttering of the credit markets, a housing bear market, and a 50% decline in the stock market to confirm this.

The same press release confirmed that Obama won the election, Santa Claus is not real, the earth revolves around the sun, and Elvis is most likely dead. I can see why this is a nonprofit organization.

Disclosure: The Rubbernecker is long Elvis and short most economists.

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