Tag: NBER

Austerity is still the prevailing paradigm right across Europe

Austerity is still the prevailing paradigm right across Europe

Despite Europe’s continual moving of the goalposts to give countries more breathing room, the economic paradigm in Europe is still the same: austerity. This will dampen growth in Europe for the foreseeable future and increase government debt to GDP ratios, making debt deflation and crisis a background threat which will result in sovereign restructurings regardless of recovery.

Gary Shilling: We are either in or entering a recession

Gary Shilling: We are either in or entering a recession

Here’s another Tech Ticker segment on the state of the economy. Noted economic bear Gary Shilling believes the US is in recession or will be entering one shortly. His view is that wages have not grown robustly enough to warrant the level of spending consistent with continued recovery. Indeed, the three consecutive months of declining retail sales are a clear sign of recession in Shilling’s view.

Chart of the Day: GDP Growth vs. Growth in Employment

Chart of the Day: GDP Growth vs. Growth in Employment

John Hussman’s latest weekly newsletter talks a lot about the anger that Americans feel at being told the recession ended in June 2009 when the economy is still losing jobs. He makes some very good points. See this Economix piece which echoes some of these. I put it this way last week: Here’s the problem: the term ‘recession’ is meaningless […]

A Recovery That Looks Like Recession

A Recovery That Looks Like Recession

by Comstock Partners For some strange reason a number of economists and strategists seen on TV and quoted in the press maintain that the exceedingly weak recovery we are now undergoing is really a "normal" or "average" recovery. Nothing could be further from the truth. This is not our opinion, but is based on fact. We have taken eight major […]

On recessions and recoveries

On recessions and recoveries

The main street reaction to the NBER’s determination of a recovery starting in June 2009 has been – as expected – angry. Here are a few sample comments to my post on the recession’s end: Obviously we need to redefine "recession." Most people would either laugh or become enraged at the idea that the recession ended in 2009. The only […]

NBER: Double Dip or Banana Split?

NBER: Double Dip or Banana Split?

by the Consumer Metrics Institute We founded the Consumer Metrics Institute precisely because we felt that the economic bureaucrats in Washington were out of touch with the economy that most of us live in. They remind us of those patients sitting in wheelchairs in the "memory impaired" wards at nursing homes: with crystal clear recall of 1937 but no clue […]

The recession ended in June 2009

The recession ended in June 2009

The NBER Business Cycle Dating Committee has determined that the recession which began in December 2007 ended in June 2009. In the report announcing this decision, the NBER wrote that economic activity is typically lower post-recession than it was pre-recession, meaning that the initial stages of a technical recovery will not seem like a recovery. There is much more. So […]

GDP and Recessions — A Valuable Metric (but Overused)

GDP and Recessions — A Valuable Metric (but Overused)

In this piece on GDP and recessions, John Lounsbury expands on an earlier article about how this particular recession is different. Catch more of John and other top-notch econ writers at Global Economic Intersection, John’s new website on economics. Gross Domestic Product (GDP) is one of the most widely followed metrics when people try to assess economic health. There are […]

The Big Interview with David Rosenberg

The Big Interview with David Rosenberg

Below is a very good and nearly unfiltered 30-minute session with David Rosenberg of Gluskin Sheff. He speaks with the Wall Street Journal’s Kelly Evans in the weekly "Big Interview" feature, a format I really like.  I have featured Stephen Roach and Sheila Bair at CW from previous big interviews. Rosenberg has been one of the more prescient economists regarding […]

Has the Recession Really Ended?

Has the Recession Really Ended?

In a post via John Mauldin, Van Hoisington and Lacy Hunt echo some themes CW presented in January regarding why the NBER has waited to declare an end to recession. See "Is the recession dating committee preparing for a double dip?" and "Re-interpreting recession dating committee’s double-dip language for debt deflation dynamics)." Right now, the economy is merely slowing. There […]