Do you think the recession is over like Fed chairman does?

Do you think the recession has ended?

Fed Chairman Ben Bernanke said today that he thinks the ” recession is very ikely over at this point,” the Wall Street Journal reports.

But Bernanke added that it’s still going to feel like a very weak economy because credit conditions remain tight and a decline in the unemployment rate will probably only happen gradually, the WSJ wrote.

If that’s the case, is the recession really over?

Technically, economists expect the gross domestic product to expand by about 3 percent this quarter, which would halt the slide. But if unemployment continues to rise, as it is likely to do, should we be defining the recession in such narrow terms?

What do you think?

39 comments Add your comment

Duluth, GA

September 15th, 2009
1:54 pm

Personally, I do not believe the recession is over. It will take more to convience me that it is over than some Chairman saying that it is. When I see with my own eyes that jobs are being created and see people spending money again, then I will officially say that the recession is over.

Taylor Wooden

September 15th, 2009
2:44 pm

More propaganda. Tell the Chairman to climb down out of his ivory tower for a few days…..leave Washington…..visit some random towns….then report back.

BiteMe

September 15th, 2009
2:47 pm

HA HA HA HA HA! I don’t think so……

Snellville

September 15th, 2009
2:53 pm

Amazing what people from the inside (Washington) try to analyze what people from the outside (Main stream America) are experiencing. Job losses, foreclosures, crime, the economy.

WISDOMFROMFOOLS

September 15th, 2009
2:59 pm

SO IF SOME ONE TOLD YOU THAT DOG POOP TASTE GOOD WOULD YOU BELIEVE IT?

Bill

September 15th, 2009
3:01 pm

you can’t fix stupid, and DC is covered up with it….

Peadawg

September 15th, 2009
3:03 pm

Go tell the unemployed that the recession is over…see what they say.

Nate

September 15th, 2009
3:12 pm

I just left the unemployment office and had to wait over 2 hours due to the number of people there. I passed several foreclosure properties along the way ! Go tell all of these indiviuals that the recession is over !! I think not !!!

Bud Flu

September 15th, 2009
3:14 pm

He’s right. The Recession is over. Now, we are getting into the “New” Great Depression.

Reggie Reg

September 15th, 2009
3:19 pm

I wonder if Bernanke really has a clue. As a mortgage professional I am on the front lines, and I can assure you that the recession is not close to being over. Knee jerk reactions to dumb statements like this equate to higher interest rates due to an uptick in stock activity. People are stil hurting, and I speak to many of them everyday. There is nothing I can do for a lot of individuals even with the government programs. I am making less than half of what I used to make, so the recession is alive and well in my world.

robert

September 15th, 2009
3:21 pm

Perhaps the freefall is over, the wholesale dumping of employees over, but the recession? Not a chance. Check back in a year and see if unemployeed workers are being rehired.

Stan

September 15th, 2009
3:21 pm

Recession is over! Now on to the Depression!

I say this somewhat in jest as I did find out today that I’m out of a job in 2 months. My wife is already out of job. Depression sounds about right to me.

Outsider

September 15th, 2009
3:23 pm

You don’t think that things were just going to magically get better over night?

Jake

September 15th, 2009
3:44 pm

Most likely a double dip or W recession. We’ll get a quarter or two of very modest GDP growth from clunkers and other stimulus then dive again due to another wave of foreclosures and foreclosure mandated bailouts, along with soft housing markets, persistent unemployment, and weak consumption.

Paul

September 15th, 2009
3:46 pm

I can’t find a job with 3.83 from Georgia Tech! The recession is definitely not over!

rdh

September 15th, 2009
3:51 pm

Ha! Bernanke saying the “recession is likely over” is like when Bush declared victory in Iraq after two months.

Technically, the recession may well be over. The Fed definition of recession is two consecutive quarters of contraction of GDP.

But the definition of recession and reality can be tricky. Example: Lets say that the economy collapsed completely and immediately, and then grew at .1% of 100 years. After a 100 years, it still would not equal it’s previous high, but the economy, by definition, would never have even been in a recession because it never experienced two consecutive quarters of decline.

In our case, we could go into a period of ZERO growth/decline for 10 years, and the recession would technically be over, but the economy would be stagnant and jobs non-existent.

Chelle

September 15th, 2009
4:00 pm

How could the recession be over when the Dems and Obama are still spending like drunken sailors. Bernake will say whatever Obama and his administration tell him to say. Also, I think after 9 months and things still sinking like crazy you need to stop blamming Bush and accept the CHANGE that Obama is giving us even though it is straight into a depression

Gilbert

September 15th, 2009
4:06 pm

Thank God for President Obama! Disaster was eminent but his leadership turned things around! Do we still have work to do? Of course, but we averted a catastrophe

WAY TO GO MR PRESIDENT! (A nation breathes a sigh of relief.)

RH

September 15th, 2009
4:12 pm

The recession is over? When did this recession start? I really had no idea we were in one. I say, this is just crazy talk.

Are you listening?

September 15th, 2009
4:13 pm

Chelle-Apparently you are listening. The President has announced that the bail-outs are over so the spending isn’t as bad as you guess it is. And YOU think that after 9 months this should be over? With the way Americans have handled their finances it’s going to take years to dig our of this debt. The only thing I blame Bush for is not doing anything about it, but my friend, we did this to ourselves.

Chelle

September 15th, 2009
4:19 pm

Are you listening-I agree…we did do this to ourselves. I would hope the bailouts are over since we are about 9 trillion in debt but hang on because Obama care will make it even worse.

Tripp

September 15th, 2009
4:30 pm

i will believe it when my boyfriend that has been unemployed for 10 months finds work. for now it’s all just rubish.

DW

September 15th, 2009
4:32 pm

This is the same IDIOT that went many,many times before congress and lied and lied and lied about the upcoming mortgage crises. What’s one more LIE, then again he lives in DC I used to live there and it bears no resemblence to whats happening in the rest of the country, Govt jobs galore make it recession proof.
I agree with most other posts the recession is ending and the DEPRESSION is getting started. Expect lots more LIES from these ex bankers and crooks.

John Henry Coltraine

September 15th, 2009
6:28 pm

Stock market is up 50% since March Lows—I am a believer. These guys are very good.

JHC

SHJ

September 15th, 2009
6:46 pm

I am more concerned about the direction of the economy looking out a year or more than what the Fed Chairman is saying today about the recession being over. So much of the statistical data coming from our Govt. is smoke and mirrors it’s impossible to gauge the veracity of his statement. Having said that, it’s all a confidence game anyhow and it’s better to hear something that sounds optimistic than more gloom and doom.

GT GRAD

September 15th, 2009
8:41 pm

Face the facts; Democrats and the “Mainstream Media” talk the economy down when Republicans are in control and they have been trying to talk the economy up since they have now control and everyone knows they cannot blame Bush anymore. 100% for political reasons (they should be ashamed because they could care less about what is best for America). Check the history if you do not believe. By the way, Bush is being blamed for several things he had absolutely nothing to do with………..the Democrats had control of the House & Senate for his last 2 years in office and he was a “Lame Duck” President!

There will be a short term bump due to the cash for clunkers and numerous pork barrell spending projects, but we still have tough times ahead. If Obama and the Democrats pass healthcare, cap&trade and/or the tax increases they so desperately want………the recession will continue and probably become even worse.

I am tired of hearing the Dems state that we are in the worst recession since the Great Depression; the recession created by President Carter was much worse in so many facets. Obama talked about CHANGE……..he is simply doing exactly what Jimmy Carter did only FASTER. I have been saying Obama is “Jimmy Carter on SPEED!”………..feel free to us this slogan if you like. If you do a little research, you will realize it is true!

By the way, Bush made ONE statement that was not true (very important fact: He was told by many people and really thought Sadam had WMD’s so technically it was not a lie); however, Obama has lied on a consistent basis and has a solid track record of intentionally trying to mislead the American Public…………there is a HUGE difference. Where is the in depth media coverage and constant barrage of “Obama is a LIAR” in response to Obama’s numerous lies?? Most media outlets are in the tank and are to biased to do what is best for America.

ACCORN should be abolished and criminal charges should be brought against as many ACCORN employees as possible!!

I AM OUT OF HERE!!!!!!

God Bless America!

heck no

September 15th, 2009
10:01 pm

These guys in DC with their rose colored glasses….unbelievable! Things are so bad in Georgia…unemployment at its highest in many years…companies closing left and right….why can’t these people think of ways to get jobs to those unemployed instead of trying to ram a health care bill we don’t need down our throat. No…it’s not over…at least not here!

Yoman

September 15th, 2009
10:33 pm

say I know what will definately help, how about we stop dealing with republicans and democrats and move to newer better parties, how about the nation start electing LIBERTARIANS so we can save this place, we need to end the war in I raq as it is decimating the economy by it’s very principle, god bless the troops, they deserve as much honor as they can get, but what we need to do is eliminate the 3 biggest problems in the nation: Stupid F***ing Democrats and the Abomination of S*** republican parties, the nation needs to go with the Libertarian and Constitution parties therin lies our future.

Yoman

September 15th, 2009
10:42 pm

neither of the parties respect what is constitutionally correct, so we need to upgrade to 3rd party candidates, these parties will provide change and that is what we need, I say we limit the # of terms that any politician can hold to 2 and we need to computer chip all cars exiting or entering the country to limit immigration we needn’t focus on Iraq but instead the mexican border, if we put a fence up instead of doing stimulus and had only American citizens do it we could provide money to the people and probably give the people enough to jump start the economy, also we need to promote small business first so that we can keep money circulating, and equalize taxes between rich and poor, the reason we promote small business is because the money won’t end up in their account for eternity the smaller businesses will definatly use it, but right now we must terminate both major political parties, and replace them with parties who aren’t Old fassioned like the lemmon party LOL

daddy warbux

September 15th, 2009
11:23 pm

“the recession is over. only 250 thousand people lost their jobs last month. thats way down”.

who are the idiots that continue these stupid a– thoughts like the one i just noted above. the recession aint over. foreclosures are rising, more people are out of work- and they aint finding new jobs. small business are getting crushed and taxes are about to go up.

what a joke.

University System Employee

September 16th, 2009
12:18 am

We are cutting budgets 10%+ last year, and expect another 10% cut this year, laying off faculty and staff, with furloughs for those who remain. Predictions are that budgets will continue down for another year after that. Since tax revenue is down, I guess a lot of people don’t know the recession is over and should start spending money! And before you get down on state employees….my department has a $1 million annual budget and generates $20 million per year in revenue, but we have been cut like every department.

DW

September 16th, 2009
12:26 am

JHC the stock market up 50% from march lows when did it hit 4800 ???
And no they are not good not good at all, they are all Goldman Sachs CROOKS lining their own pockets with our monety now our debt. Borrow at zero and buy govt notes easy easy way to STEAL.

Rod

September 16th, 2009
4:23 am

DW, are you a Democrat? You’re showing your ignorance on the matter. JHC said 50% not 100%. One-year low for Dow was around 6500. It’s now at 9600, which is around 48%.

Drama Mama

September 16th, 2009
8:02 am

Bull S!!! The repo trucks are extremely busy, and my neighbors are disapearing in droves!!!What’s up?Grown men are home, not by choice!!!

Homer Simpson

September 16th, 2009
9:19 am

Bernanke was the last to realize we were in a recession, don’t really believe he would be the first to see it was over. Job losses continue, housing still down. WTF.

IC Atlanta

September 16th, 2009
11:11 am

See Japan’s economy for the past 18 years. That is America’s economy until we can get another supply-side President and a congress that cuts taxes and SPENDING – really cuts spending. Until that time it will not get any better – get used to it. Amazing to watch history being repeated over and over and over again. We could be too far gone however and enjoy a nice collapse – should be fun. Thanks greedy citizens and thanks political hacks.

Ed

September 16th, 2009
7:59 pm

Yoman…you are my new hero. VOTE RON PAUL. Everyone should read his book ‘Manifesto’ great stuff on why our government has gone to hell in a hand basket.

n

ddhboy

September 26th, 2009
12:25 am

No its not over, if anything we are in the eye of the storm. Economic signs show numerical improvements so now every politician around the globe is high fiving one another saying that they’ve beaten another depression. The only problem in that calculation is that they hadn’t taken into account the thousands, perhaps millions of homes and, more importantly, luxury housing developments that at the time of the recession beginning was on a slippery slope, but not quite foreclosed, as well as those developers who had just started construction on buildings or whole annexes to towns. Now that the economy has gone flat, and the bubble has burst, these properties will go bust and the banks will take control of more bad assets, and a year from now we will have to give the banks another bailout to cover this bad inventory, and then after that we’re going to keep getting these little aftershocks until the government has essentially bought enough of the bad inventory that the banks could just take the hit.

This means that at best, the true recession isn’t going to be over until late 2010 – mid 2011, and rather than effecting main street directly, your going to have markets that got away fairly unscathed like New York City catching up and fending off ghost towers. I guess that what we have now are zombie banks that build ghost towers, and it will be years until those banks go back to normal.

Dee

October 30th, 2009
12:24 am

Recession over? Oh really! What planet is Bernanke living on?