-Caveat Lector-
12/05/01
Here is more bullshit from the " dismal science."
This article is an outright fraud.
It doesn't start with the Great Depression, and it
doesn't let on that the greatest period of expansion
ever ( due to globalization,)will produce the greatest
period of recession for the same reason.
Japan has been in one for ten years. Latin America for five.
Russia for ten. China for two. Etc. Etc. Globalization has
failed to produce viable economies, but has succeeded in swelling
the coffers of the world's wealthy elites.
The US economy started tanking two years ago when the big
boys began bailing out of the stock market while telling
the Moronic Class that they will make money if they stay
in for the long haul. They did. They lost even more.
Well, in the long haul we're dead. In the mean time the
Middle Class lost 3 trillion dollars. ( Or more.)
But HEY, those are the joys of capitalism. You loved it
when you were wheelin and dealin and thinking you were hot
stuff in the markets. But the REAL wheelers and dealers left
you holding the empty bag while ripping off the expansion
economy as never before. The rich got richer at an unprecedented
rate. Where, you may well ask, did that money come from?
Nurev
America in recession: what history shows
Compiled by Amanda Paulson
The United States officially entered an economic recession in March,
the National Bureau of Economic Research announced last
week. The six-member panel of economists, based in Cambridge, Mass.,
is the unofficial arbiter of when recessions (by definition, at
least six months of negative growth) begin and end.
Many economists predict the current recession will be short and mild,
though plenty of factors could change that. A March beginning
means the period of economic expansion lasted exactly 10 years - a
record by more than a year. A look at previous recessions and
their durations:
Start of Duration
recession (in months)
Feb. 1945 9
Nov. 1948 11
July 1953 10
Aug. 1957 9
April 1960 10
Dec. 1969 11
Nov. 1973 16
Jan. 1980 6
July 1981 16
July 1990 9
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