USA officially in a recession.
Looks like our largest trading partner is now ‘officially’ in a recession as declared by the National Bureau of Economic Research.
WASHINGTON – A panel of the National Bureau of Economic Research said Monday that the U.S. economy fell into a recession last year.
The NBER says its group of academic economists who determine business cycles met and decided that the U.S. recession began in December 2007.
Many economists believe the current downturn will last until the middle of 2009 and will be the most severe slump since the 1981-82 recession.
December 1st, 2008 at 7:21 pm
I don’t like the comments of John#3 & Blazer#5, but I fear that our greedy self-serving politicians may be seizing the chaotic economic situation here at home to fatten themselves and their friends.
freakonomists and VHB-fundametalists are right all along, except that their readings exclude the effects of greed and power that shape our skyrocketing RE boom. This time it’ll not be different, pigs are more equal than others..
Thnx Skullboy – great post
“a center – left coalition working IN CONCERT with the Bloc by its very definition contains more MPs, and more political viewpoints. More people will have their concerns addressed and if anyone gets any funny ideas any of the other parties will yank the rug out.”
December 1st, 2008 at 4:21 pm
Hey No-Lympics:
Grumpy ol'Boomer, much?
I mean Jesus, a center – left coalition working IN CONCERT with the Bloc by its very definition contains more MPs, and more political viewpoints. More people will have their concerns addressed and if anyone gets any funny ideas any of the other parties will yank the rug out.
Oh yeah that's WAY worse then Stephen "I'll starve the opposition parties of cash and nobody will notice" Harper.
What can I say, I smell the "I've got mine screw everyone else and don't you DARE ask me to contribute" scent of a Boomer.
Smells like bacon by the way.
December 1st, 2008 at 3:35 pm
.that’s what I look for in a leader. Tupperware party experience
not to mention Mary Kay salesmanship techniques combined with Amway product knowledge…
December 1st, 2008 at 3:32 pm
Now THERE is a great tag team duo for North America .
Obama (the political rookie greenhorn) in the U.S. and a potential Canadian Coalition Gov't !
(Now if only Mexico can get Zorro…..)
Put on the shades…The future looks bright !!!
December 1st, 2008 at 3:15 pm
a person who has never run even a tupperware party
..that's what I look for in a leader. Tupperware party experience.
December 1st, 2008 at 3:08 pm
Why is it that, quite apart from never commenting on the shennanigans of the Disgusting pair, Dodd & Frank and their cohorts, no mention is ever made of the fact that the market went into its current rollercoaster as a direct result of people being VERY afraid of what the Democratic party would do when in power. To say nothing of the totally unknown attributes (if any) of Mr. "Screw the Constitution, I will NOT show my records, or my Birth Certificate" Obama. Now we have a person who has never run even a tupperware party, about to take charge of this mess. No wonder there is jitters! How do you think he will run the Country whenn he does not even have the ethics to prove he is even qualified to be in the position. Well done America, sleep on!.
December 1st, 2008 at 3:08 pm
And what exactly does that have to do with Vancouver?
..guess you must have missed the part about 'our biggest trading partner'.
December 1st, 2008 at 3:05 pm
VanLoverBoy
You're right, just because most of the people living in Vancouver have jobs that depend on trade with the United States. How is that going to effect Vancouver?
Just keep whistling past the graveyard.
December 1st, 2008 at 3:00 pm
And what exactly does that have to do with Vancouver?
December 1st, 2008 at 2:23 pm
The koolaid enema!! LOL!! Once again blueskies eloquence shines on.
December 1st, 2008 at 2:03 pm
before buying more condos in Vancouver. I’m perfectly positioned for this.
yeah! bent over ready for
your koolaid enema……
john very funny
December 1st, 2008 at 1:57 pm
Fast forward to December 2009…
WASHINGTON – A panel of the National Bureau of Economic Research said Monday that the U.S. economy fell into a Death Spiral last year….
December 1st, 2008 at 1:00 pm
Thanks alexcanuck, that makes sense.
December 1st, 2008 at 12:52 pm
please tell me why in the world , would the govt , and its poor excuses thereof say we have been in a recession , or headed that way. you know what that does to the stock market investors. you are the cause of all my losses, and everybody elses. now who do i go to to sue the govt. for my loss of house , retirement funds , and the last of my cash?
December 1st, 2008 at 12:45 pm
The original "stimulus" package announced almost a year ago and distributed as cheques to American taxpayers was (IFRC) 160 billion or so. About 1% of GDP. Since then eclipsed by multi-trillion $ bailouts.
December 1st, 2008 at 12:31 pm
How many times over the last year has an announcement been made about the USofA being "officially" in recession? What makes the "National Bureau of Economic Research" any more credible than the other agencies and groups dazzling us with their blinding glimpse of the obvious? Perhaps next month I'll issue a similar press release from the International Economic Oversight Committee or some such officially lofty sounding organization.
December 1st, 2008 at 12:28 pm
oneangryslav – thanks for that post the other day on that article about your brother and the house, I posted it on here, you nailed many issues there.
As for the GDP, I could have sworn they reported it as 1% GDP. Oh well, I could be wrong, it's happened before. Either way, stimulus seems to be a waste of tax dollars.
bezar – we've talked about good times whilst they were happening. Don't shoot the messengers. Bear's make money, Bulls make moner – piggies go to slaughter. Remember that, we're usually discussing the pigs more than the bulls, which one are you? Besides, we're all sitting on cash savings so again, don't hate us because we're prudent.
December 1st, 2008 at 12:10 pm
Check this out from Paul Boenisch’s Blog.
UPDATE
Prices are falling sharply. Believe it or not the average SFH price fell 10% this month. Yes in 1 month. $745,778 for November v. $825,206 for October. The average has dipped 19% since March. It will be interesting to see if the benchmarks also make a dramatic drop.
December 1st, 2008 at 11:54 am
Gov't telling us we are " officially " in a recession is like saying someone is only "officially" dead after a reading their obituary.
December 1st, 2008 at 11:43 am
I think John is right and onto something
If the Tories are bounced out from power…and the NDP and Lieberals are in power, Dion (or Iggy) will legislate high condo prices (except in Quebec). Jack Layton will demand all the union jobs at the Big 3 automakers will be protected and given raises too….then there will be lots of cash flowing again to buy condos. To keep the Bloc happy…condo warranties “fine print” will be in French. Socialists are generally hypocrites…they elbow everybody out when the gravy starts to flow,…they like to drive luxury cars and deep down they know Al Gore is full of sh*t.
The Tories will watch CNN from a safe distance and watch Canada collapse, then come back into power ,(…should only take a couple of weeks after Dion and Layton have their first hissy fit.)
December 1st, 2008 at 11:20 am
Vansity, while I concur with your sentiment, your numbers are not nearly accurate. The US annual GDP is about 14 trillion USD. Thus, $800 billion is .8/14=5.7% of US GDP. This makes your case even stronger. Canada's GDP is about 1/10 the size of the US in Canadian dollars, thus about 1.4 trillion CAD. A $30 billion CAD situmuls package would amount to about .03/1.4=2.1% of GDP, less than half of what Consigliere Paulson stole in the US.
December 1st, 2008 at 11:00 am
Hey Bezar
Some of us bears sold our houses last year after owning them since 1993. I've been around for a while, seen a few things. I suggest you do a little reading and talk to a few people that don't either originate or reside in Vancouver. You may learn a few thing and avoid what most certainly will be financial disastor.
Good luck
December 1st, 2008 at 10:46 am
I call this blog a "BEAR BLOG"
you bears will be screwed again soon …. just wait….
December 1st, 2008 at 10:45 am
Shocking!
This would have been declared earlier but for Bush's stimulus package. The stimulus did what? Bought them one positive quarter and reset the recession clock.
This Canadian Coalition wants to do the same with a $30B stimulus package… Why?
What is $30B of our GDP as a percentage? Anyone know?
The US gave 1% $800B of their GDP back. It was a bandaid over a gunshot wound.
December 1st, 2008 at 10:30 am
Now that the NDP and the Bloc will be in charge the real estate market will sky rocket again. Having separatists in the government of this nation will inspire the confidence of the world over. Rich asians have been waiting for the conversative government to be overthrown by a coalition of socialists, separatists and liberals before buying more condos in Vancouver. I’m perfectly positioned for this.
December 1st, 2008 at 10:18 am
Does that mean we are currently in an "unofficial" spiral downwards into complete mayhem?
December 1st, 2008 at 10:10 am
Man, that must be the anti-climax of the century. After trillions of bailouts and countless panic, they are reporting a recession?