Recession Over in June 2009

[bonnie]

Recession Over in June 2009

The National Bureau of Economic Research, the arbiter of the start and end dates of a recession, determined that the recession that began in December 2007 ended in June 2009.

The business-cycle dating committee met by phone on Sunday and came to the determination. “In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity. Rather, the committee determined only that the recession ended and a recovery began in that month,” the committee said in a statement. The 2007-2009 recession is the longest in the post-WWII period. (Read related article.)

The decision by the NBER means that any future downturn in the economy would be considered a new recession and not a continuation of the recession that began in 2007.

“The committee waited to make its decision until revisions in the National Income and Product Accounts, released on July 30 and August 27, 2010, clarified the 2009 time path of the two broadest measures of economic activity, real Gross Domestic Product (real GDP) and real Gross Domestic Income (real GDI). The committee noted that in the most recent data, for the second quarter of 2010, the average of real GDP and real GDI was 3.1 percent above its low in the second quarter of 2009 but remained 1.3 percent below the previous peak which was reached in the fourth quarter of 2007,” the committee said.

[bonnie]

First, Obama’s economic policies had nothing to do with the end of the Bush recession, since the recession ended 5 months after Obama took office and before any of his policies, including the February 2009 Stimulus B...il, had come into effect. So Obama gets zero credit for the end of the Bush Great Recession.

Second, Obama owns the failed recovery from the recession. It took place entirely on his watch, and during a time period when Obama’s policies and threatened policies were a factor.

Obama’s failed policies have created the impression in a majority of people that the recession continues, but what we need to get people to understand is that they are experiencing Obama’s Great Failed Recovery, not Bush’s Great Recession.

So repeat this endlessly. The Bush Great Recession ended June 2009.

The Obama Great Failed Recovery is the problem

[Woody]

Excellent Bonnie. This is a very important article.

[lazarus]

So repeat this endlessly. The Bush Great Recession ended June 2009.

This is interesting. Are you now saying that Bush's policies were responsible for the recession?

[bonnie]

This is interesting. Are you now saying that Bush's policies were responsible for the recession?

Not sure what is so interesting,except if it was Bush's fault that has eneded but Obama is still beating the "Bush's fault war drum.

Aside from that I have never thought Bush was as fiscally responsible as he needed to be.

He did face some rather unique situations with 9/11,Iraq etc.

Unlike you have stated many times I do not believe he lied about the reports of chemicals of mass destruction just to go

to war with Iraq,once Saddam and his sons were captured/killed I think we should have gotten out. Same for Afghanistan.We needed to go after Bin-Laden but I am not so sure of the way it was done or with what is now going on. I believe they should come home now.

While Bush did make several attempts to address the insanity of the housing bubble it should have been more forceful

So yes,some things out of the control of Bush but on his watch and somethings I think he did made things worse.

That still doesn't cover Obama's behind for the last three years

[Dr. Shane]

The recession ending in June of 2009 means the negative growth or shrinkage ended. The reason it has felt like we have been in a recession since then and still are is because the growth we have experienced is not keeping up with the population growth. Obama has deported more illegal aliens than any previous President in a seeming attempt to reduce population growth to get it closer to the economic growth we are experiencing. Certainly Obama's policies have impacted economic growth and hindered a full recovery.

[lazarus]

So yes,some things out of the control of Bush but on his watch and somethings I think he did made things worse.

So its a yes then.

[bonnie]

Originally Posted By: bonnie

So yes,some things out of the control of Bush but on his watch and somethings I think he did made things worse.

So its a yes then.

So what is it you don't understand about some things were out of Bush's control and then some things he did made it worse?

What started this mess was the collapse of the housing insanity and all that went with that.He did try to address that. The ordinary business man in real estate or the mortgage industry knew it could not last and when it collapased it would not be pretty.

We considered selling our home late 2005.Our real estate agent warned us if we were going to it had better be soon because if we didn't it soon would be worth what we paid if we were lucky.

Where were the brains that kept pushing this and bucking Bush at every turn on this?

I think he should have been more forceful on tackling SS

The bailouts added to the mess. Had the market been left to correct itself it would have been steep,painful and quick.

Now it is slow,painful and drags on and on.

Did Bush cause the housing collapse and what happened after.No

It did happen on his watch.I will give him credit,he did not whine continuously about his predessors or ATM machines

So if you want me to say Bush was not the perfect best president ,he wasn't. That has what to do with the severe lack of Obama leadership?

[lazarus]

So if you want me to say Bush was not the perfect best president ,he wasn't. T

He was an awful president that led us to the worst economic crisis for 70 years. This is what Obama was left to clean up. And yes he has not done a perfect job in cleaning up the mess. It is certainly better than it was, right?

We are not losing .5 million jobs/month. The economy is growing. The car industry is profitable again. Certain housing markets are now growing again. We are out of Iraq. Bin Laden is dead. Much better than when he took office.

[bonnie]

He was an awful president that led us to the worst economic crisis for 70 years. This is what Obama was left to clean up. And yes he has not done a perfect job in cleaning up the mess. It is certainly better than it was, right?

[lazarus]

Wrong,he hasn't done anything to clean up the mess he is making and no we are not certainly better off.

Are you saying that we are still losing hundreds of thousands of jobs as we were when he came into office.? Are you saying the economy is still shrinking?

Quote:

We have lost jobs that never will be replaced.

Whose policies caused those job losses? You've already admitted Bush's policies caused the recession.

Quote:

Bin Laden is not dead because Obama caught him. The same forces that kept looking for him would have gotten Bin-Laden no matter who was president.

So why didn't they catch him when Bush was president. Are you saying that it doesn't matter who is president when it comes to dealing with terrorism.

Quote:

He finally succeeded in having gas prices on the rise,he said that is what he wanted,now he is looking around for others to blame

Gas prices are still lower under Obama than under the Bush peak prices. Do you blame Bush for the peak of summer 2008?

[Woody]

Quote:

He finally succeeded in having gas prices on the rise,he said that is what he wanted,now he is looking around for others to blame

Yes Bonnie. Good point.

Obama said he wanted higher gas prices when he was trying to shore up his base. Now - he is trying to shore up America - so he has to back peddle.

[Woody]

Quote:

Obama is a joke,he has yet to take responsibility for anything.

Yes Exactly Bonnie.

This is one thing that shows to me that Obama can not be trusted.

[Woody]

Quote:

He was an awful president that led us to the worst economic crisis for 70 years.

This is certainly re-writing history.

The reason for the crisis was the insistance of the Demos to give people mortgages when they could not afford them.

[lazarus]

The reason for the crisis was the insistance of the Demos to give people mortgages when they could not afford them.

Are you saying that Bush bears no responsibility?

[bonnie]

Are you saying that we are still losing hundreds of thousands of jobs as we were when he came into office.? Are you saying the economy is still shrinking?

[Guest]

When gas prices started to skyrocket on Bush, he simply announced that we were going to open up for more drilling. The gas prices started dropping virtually, if not literally, the next day.

When Bush left office, the national average was $1.80 a gallon. Don't forget that. And that was basically just a bluff. Imagine what would happen if they saw we were really serious about drilling for our own.

Obama is either too stupid to do that, or his rigid ideology just won't let him. Which means he is..... too stupid to do that.

[Dr. Shane]

Are you saying that Bush bears no responsibility?

I would say, "very little". The Bush policies that contributed to the problem were really just a continuation of previous policies. Everyone (both parties) knew there would be a future crisis but no one expected it to be this bad. And who knows, if McCain had won, it may not have been this bad.

[Guest]

I would say, "very little". The Bush policies that contributed to the problem were really just a continuation of previous policies. Everyone (both parties) knew there would be a future crisis but no one expected it to be this bad. And who knows, if McCain had won, it may not have been this bad.

If only you could have seen that when I was begging you to vote for McCain. The lesser of the two evils.

[bonnie]

If only you could have seen that when I was begging you to vote for McCain. The lesser of the two evils.

I would still ike to know why Obama supporters and Obama aren't happy with gas prices.

They are still not at european levels where Obama said he wanted them.

What is the problem now. Why does Obama want to ferret out the bad guys for getting exactly what he wanted. Why the 52 million to do that.Could it be an election year?

Poor man,always has to have someone to blame even when he gets what he wants

[Dr. Shane]

If only you could have seen that when I was begging you to vote for McCain. The lesser of the two evils.

Can't say I regret voting for Obama because McCain never met a Democrat he didn't want to compromise with so it is really hard to say what would have happened. The only really, super terrible, evil and downright wicked thing Obama has done it try to force the Catholic church to violate their religious beliefs in order to support his healthcare reform. That is such a clear violation of church and state that it should send chills down the spine of any freedom-loving Seventh-day Adventist Christian and it certainly does mine.