Breaking news: Recession declared
The folks who officially declare recessions say we’ve been in one now for about a year.
The National Bureau of Economic Research defines a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income and other indicators.”
So this recession has already lasted longer than the 2001 recession that Alan Greenspan short-circuited by slashing rates (and igniting a housing bubble, which begat a credit bubble). Establishment news accounts refer to the period between November 2001 and December 2007 as an “expansion.” Let us hope revisionist history reveals that “expansion” to be the farce it is.
What to do with your own money now? The latest installment in our Emergency Retirement Recovery Series — complete with names and ticker symbols of two picks by Chris Mayer — is still available through Midnight EST tonight.