They did not know what to call it at the time.
I still have yet to hear a definition that everyone agrees on.
But it was clearly not the out and out crisis
we had before the election. Not even close.
No one ever calls a recession a recession until its over. The only reason this time is different is because its lasted so long.
We were certainly in a recession in 2001. Thats what made them lower the fed funds rate to begin with.
06-18-2009, 10:44 PM
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