IMPHO,
I believe global economists saw this coming but chose to do nothing. Perhaps influenced by the resistance shown by the U.S. to do anything about it or even recognize it has been going on for nine months.
The sad pork filled `relief` package has not done anything to calm fears of something that is coming for it is already here.
A few definitions:
Banking Dictionary: Recession
Downturn in a country's economy, measured by a decline in aggregate economic activity. Most economic measures of a recession are at least partly subjective, although a widely held definition says a recession occurs when real gross domestic product declines in two consecutive quarters. Another indicator of a recession is a sudden rise-at least two percentage points-in the unemployment rate. The National Bureau of Economic Research decides when recessions begin and end, based on an analysis of economic indicators. This often means that a recession can be well underway before policymakers in government and business become aware of it and begin taking corrective actions.
Real Estate Dictionary: Recession
General economic slowdown; officially declared after two consecutive quarters of reduced gross domestic product. Often, there is a shrinkage in the real estate industry without a recession in the general business economy.
Britannica Concise Encyclopedia: recession
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Downward trend in the business cycle characterized by a decline in production and employment, which in turn lowers household income and spending. Even though not all households and businesses experience actual declines in income, they become less certain about the future and consequently delay making large purchases or investments. Consumers buy fewer durable household goods, and businesses are less likely to purchase machinery and equipment and more likely to use up existing inventory instead of adding goods to their stock. This drop in demand leads to a corresponding fall in output and thus worsens the economic situation. Whether a recession develops into a severe and prolonged depression depends on a number of circumstances. Among them are the extent and quality of credit extended during the previous period of prosperity, the amount of speculation permitted, the ability of government monetary and fiscal policies to reverse (or minimize) the downward trend, and the amount of excess productive capacity.
A few quotes:
"We are enjoying sluggish times and not enjoying them very much." - George Bush
"Recession is when a neighbor loses his job. Depression is when you lose yours." - Ronald Reagan
"Few can believe that suffering, especially by others, is in vain. Anything that is disagreeable must surely have beneficial economic effects." - John Kenneth Galbraith
Can a handle be put on the inevitable pain for the next nine to eighteen months.....IMO.....Like WWI lead to WWII, this will lead the world into The Great Depression II.
I do not envy the next POTUS.....or PM.
I believe global economists saw this coming but chose to do nothing. Perhaps influenced by the resistance shown by the U.S. to do anything about it or even recognize it has been going on for nine months.
The sad pork filled `relief` package has not done anything to calm fears of something that is coming for it is already here.
A few definitions:
Banking Dictionary: Recession
Downturn in a country's economy, measured by a decline in aggregate economic activity. Most economic measures of a recession are at least partly subjective, although a widely held definition says a recession occurs when real gross domestic product declines in two consecutive quarters. Another indicator of a recession is a sudden rise-at least two percentage points-in the unemployment rate. The National Bureau of Economic Research decides when recessions begin and end, based on an analysis of economic indicators. This often means that a recession can be well underway before policymakers in government and business become aware of it and begin taking corrective actions.
Real Estate Dictionary: Recession
General economic slowdown; officially declared after two consecutive quarters of reduced gross domestic product. Often, there is a shrinkage in the real estate industry without a recession in the general business economy.
Britannica Concise Encyclopedia: recession
.content{clear:both;}
Downward trend in the business cycle characterized by a decline in production and employment, which in turn lowers household income and spending. Even though not all households and businesses experience actual declines in income, they become less certain about the future and consequently delay making large purchases or investments. Consumers buy fewer durable household goods, and businesses are less likely to purchase machinery and equipment and more likely to use up existing inventory instead of adding goods to their stock. This drop in demand leads to a corresponding fall in output and thus worsens the economic situation. Whether a recession develops into a severe and prolonged depression depends on a number of circumstances. Among them are the extent and quality of credit extended during the previous period of prosperity, the amount of speculation permitted, the ability of government monetary and fiscal policies to reverse (or minimize) the downward trend, and the amount of excess productive capacity.
A few quotes:
"We are enjoying sluggish times and not enjoying them very much." - George Bush
"Recession is when a neighbor loses his job. Depression is when you lose yours." - Ronald Reagan
"Few can believe that suffering, especially by others, is in vain. Anything that is disagreeable must surely have beneficial economic effects." - John Kenneth Galbraith
Can a handle be put on the inevitable pain for the next nine to eighteen months.....IMO.....Like WWI lead to WWII, this will lead the world into The Great Depression II.
I do not envy the next POTUS.....or PM.
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