I love how we finally have official word that the country is in recession. Gee, thanks NBER!
In case you missed it, the National Bureau of Economic Research’s Business Cycle Dating Committee, the most widely-followed experts on the subject just determined that the U.S. economy ended its 73-month-long period of expansion in December 2007.
Coincidentally, that’s the same month I published an issue of Dividend Superstars titled “New Year, New Recession? What to Expect in 2008!”
In that story, I said it was very likely that the U.S. would see contracting GDP no matter how low the Fed pushed interest rates.
It only took a year for the NBER to confirm what we already knew by simply looking around our own neighborhoods.
Predictably, the markets sold off on the “news” (probably just an excuse to unwind the profits racked up last week).
But in my mind, we are already a year into this recession now. The market has gotten killed already. We should never forget that markets anticipate both contractions AND recoveries …
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My roommate bought 2 of these and was extremely proud of them. She imediately wanted to show me… It took all I could to not bust out laughing at her. They look like cardboard cutouts that are a little shiny. I kept asking if she
knew what silver LEAF meant but I don’t think she understood. I also asked what she knew of Liberia and the liberian tender and she said she thought it meant it was worth 20 US Dollars… painful, but proof people are buying these things. DUH!