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The Spectacle Blog
According to the National Bureau of Economic Research, the most recent recession began in December of 2007. But economist Justin Wolfers thinks that, based off of a different measure than typically used, it began in late 2006:
Wolfers writes that we’re already “halfway to a lost decade.” Hmm…
View all comments (16) | Leave a comment
More Blog Posts by Joseph Lawler
http://spectator.org/blog/2011/06/09/when-did-this-recession-begin
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PattyMor| 6.9.11 @ 1:21PM
Isn't 2006 the time that Nancy Pelosi took over the House and ramped up the spending?
DRed| 6.9.11 @ 1:22PM
Only in conservative fantasyland.
BruceBerger| 6.9.11 @ 9:23PM
Dred,
OK, so it was January, 2007.
The Underground Conservative | 6.9.11 @ 1:29PM
Most of our economic problems can be traced back to the Democrats' takeover of Congress in the 2006 elections.
Take a bow, Bela Pelosi and Dingy Harry.
Michael L. Hauschild| 6.9.11 @ 1:37PM
I see two problems the first is that I know nothing about economics or economic theory; the second is that no one else does either. Other than the obvious “things are worse than we thought” theme of most “white paper-red ink” pronouncements such as this I cannot believe that if these people (economists) had a clue they would know what keeps these thing from happening, and furthermore they would know what to do to extract us from these financial difficulties.
Here are the facts; they very seldom agree, they never manage to predict these things except by random inevitability (enough monkeys-enough typewriters), they never even reach consensus as to what shape or form the disaster assumes, and most importantly they cannot even form a plurality of what will extract us from the predicaments their own minions have placed us in.
In short the only group that rivals their ineptness is Congress, ironically the only institution with the ability and mandate to implement their insanity.
Teflon93| 6.9.11 @ 3:00PM
Except a goodly number of Austrian School economists DID predict this:
http://www.lewrockwell.com/block/block168.html
But then bubbles aren't hard to predict; just hard to say when precisely they will burst.
I'm no economist and I knew we were in a housing bubble in 2002---I refused to join the legion of "house-flippers" in California having recognized it. Odd behavior like people with no real estate experience becoming essentially property day-traders is a sure sign of a speculative bubble, as is "You can't lose!" kind of thinking.
big bob| 6.10.11 @ 8:49AM
I love how people think. Because they don't get it, they automatically assume no one else can. After all, how could ANYONE be smarter than they are. As a point of fact, SEVERAL economists have accurately predicted outcomes. And they should as there are pretty hard and fast laws of economics. For example, the law of supply and demand that people hear about is a real law. It can be obfuscated, but it remains a valid relationship. So when you say "no one else does either," it says more about you than about them. I would direct you to track down pieces by Art Laffer. You will be hard pressed to say he doesn't know anything about this area. On the other hand, you might not be hard pressed, but just stubborn. Dealer's choice!!
Teflon93| 6.9.11 @ 1:38PM
The Democrat term started in Jan '07. Where the precipitous decline began.
Liberals hate facts because facts oppose liberals.
Conservative Bob| 6.9.11 @ 1:47PM
I think the more important question is; When will it end?
Clint| 6.9.11 @ 2:17PM
"Despite the fact that the evidence fits the Austrian ( school of economics) explanation of the so-called business cycle it is still ignored by the economic commentariat."
Teflon93| 6.9.11 @ 2:27PM
Thus be it ever....
Despite the constant refutation of Keynesianism in the real world, we continue to rely upon macroeconomic indicators which include government spending as revenue rather than expense. That's what makes the red line more useful---it corrects the Keynesian fallacy.
PattyMor| 6.9.11 @ 4:27PM
Ah, when will it end? When we get rid of Obama, Reid, & Pelosi and their merry little band of Marxist redistribute the wealth types. The Red Meanace is out in open and in your face. The Reds march with the unions, the La Raza's, and George Soros' ring of groups.
Oldefarte| 6.9.11 @ 4:30PM
Not sure exactly when this recession began, but I do know when the current DEPRESSION started....................11/2/08 [when these morons were elected and their actions driving our economy into the financial toilet began]!!!!!!!!!!
Kris Lepine| 6.9.11 @ 7:54PM
It actually started earlier than that in MI. Cars were not selling very well in 2003 or so and almost everything in the state is effected when they don't, so as a Realtor, I saw things heading south slowly from 2003 on. I retired in 2006 never dreaming how much worse it would get in the next few years. Anyone think the current bunch in Washington are going to do anything to change things? What a joke they all are, we need to clean house and start over!
The Bruce| 6.10.11 @ 1:30AM
From my own experience, and that of the friends in which I've discussed this, we began to "feel" a recession in December of 2007; not a recession in the technical dictionary meaning (negative consecutive growth), but in a feeling that we've already plateaued and were beginning to head downward.
Timothy L. Pennell| 6.10.11 @ 8:23AM
I have been saying this for YEARS.
As soon as the Democrats took both Houses of Congress, it all started to come undone.
So, where are the Republicans, with these CHARTS and GRAPHS?
They will never learn how the game is played.
NEVER.