Well, this is certainly no surprise! The National Bureau of Economic Research (NBER) has put their finest minds together and decided that the United States is in the middle of a recession -- a recession that started a year ago in December of 2007.The NBER is the official organization that calls economic cycles such as recessions. But frankly, maybe we could save a lot of money by doing away with this brain-trust. It took these mental giants a year to figure out what any American with a third-grade education knew nearly a year ago. They're as out-of-touch as a Republican Congress.
And it looks like they weren't the only ones that couldn't seem to figure out on their own that America is having a teeny bit of a recession going on. The stock market traders in their ivory towers evidently didn't know it either.
After several days of gains in the stock market, traders heard the brilliant pronouncement by the NBER and stocks on the Dow Jones index dropped by 680 points to finish the day at 8149.09. Obviously, the NBER's statement came as a surprise to these guys.
Maybe these guys should talk to their housekeepers, cooks and gardeners once in a while -- you know, people who live in the real world. Maybe then, it would not come as a surprise that we've been in a recession for a year.
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