With the horses so long out of the barn that they are now baseballs and glue, officials have decided to nail the barn door shut and call it a recession. “The U.S. economy entered a recession in December 2007, a committee of economists at the private National Bureau of Economic Research said Monday.” The official declaration comes a mere EIGHT MONTHS after even most economists were saying this was the case. Of course it is also a mere EIGHT MONTHS after the Anderson Forecast from UCLA predicted we would avoid a recession.
“We don’t see that happening,” said Edward Leamer, director and co-author of the forecast released Tuesday [March 10]. “This is a tough call, but I will be very surprised if this thing actually precipitates into recession.”
Waiter, I’d like some of what he’s smoking…
What has me worried is all the official assurances that it will never turn into a depression.