So, this is a recovery?

Unemployment is at its highest level in 26 ½ years at 10.2%, but this understates the fact it has only reached double digits twice since the 1930’s (1982 and today). Housing prices are down, bankruptcies are up and yet commentators keeping yelling “recovery!” at every turn. Is this what a recovery feels like?

Recession or Depression?

Frequently you hear the definition of a recession as "two consecutive quarters of negative growth in GDP". While this definition approximates the effects of a recession, it is too simplistic. The National Bureau of Economic Research, or NBER, is the arbiter of the business cycle. When they announce the start or end dates of a recession, those dates are considered the official start/end points of the economic contraction.