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Ressesion?

 
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Today, after Job report was announced, a couple of CNN analyst said, that bad economy-wise worst is yet ahead of us, and all signs are show that clearly we're heading into ressesion.
What do you think? If that's true(I hope not), what's gonna happen?
Regards,
--Alex
 
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It's 3 AM so I can ramble a little...
I think a recession is defined by at least 2 quarters of negative growth of the Gross National Product (GNP). I recall reading that GNP grew at a rate of 2% for 1Q2001. That might be the third quarter of negative growth in a row. Unlike historic precedents, we're not experiencing a negative growth rate because the U.S. economy was booming outside of the norm for so long (6% annual growth). Technically, we're in a recession.
I think it's a lot more hype that fact. Unemployment is still historically low at 4.5%. When I took Macro and Micro economics in the late 1980s I remember textbooks that debated whether frictional unemployment could drop below 6-8% unadjusted for seasonal workers (that means agriculture). Obviously they did not see the technical revolution that was headed our way in the 1990s.
There's a retraction in markets that were over expanded. Even the new economy has to play by the rules of supply and demand.
Mike
 
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