Your friendly blogger, Malcolm C. Harris, has been saying for some time that the U.S. economy has been in recession since some time last year. The profession is divided as we hear from Phil Izzo interviewed by the Wall Street Journal's Kelsey Hubbart:
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I can't really say if we are in a recession right because I don't know enough about the all the little things involved, but its hard not to think that we have been in a recession for the last year because the economy shows little growth, inflation is rising, and we have big concerns in the housing and credit markets. I'm surprised to see inflation is not as big a concern in America as it is globally especially with inflation at its highest rate in quite some time. I'm also a little surprised about the credit crisis being top regard over the housing market. I can see why but if you watch the news, the housing market seems be what most economists and business analysts are panicking over. However, it doesn't look to be getting better in the near future, probably not till at least next year, so again it is likely to get worse before it gets better. This leads me to think, yes, we are in a recession.
I think we are in a recession. The economy has little if any growth at all recently and hosuing markets, mortgage companes, stocks, banks and whatever else seem to all be failing and crashing asking for bailouts. Most recently the major auto companies are not asking for bailouts.
At the time, I didn't believe we were in a recession because I hadn't seen the impacts of it personally. As I look back, I can now see how people believe we were in a recession over the past year. I saw rates rise, people losing their jobes, etc. As the year past, it became more evident as many markets fell including the housing and credit markets which are huge in the US. People can't and are aftraid to enter these markets because they do not trust them. Locally, the housing market wasn't hit as hard but nationally it was drastically hit. I hope before we all fail, these markets get better and prosper.
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