75% of Americans Say U.S. In Recession, According to CNN Poll
Are we in a recession? The politicians may say no, but Americans say yes. 74% of us say so, according to a CNN poll, a percentage any politician would lust for in an election. The numbers are pretty evenly divided three ways as far as whether it is a major, moderate or mild recession. Even 54% of Republicans agree with this assessment, less than the nearly 90% of the Democrats who concur, but still a significant number of people.
This has been irritating me for several days now because everywhere I go it seems that ignorant people have to make conversation about the "recession that we are in" and when "it is going to be over." It doesn't matter where you go, walk past a homeless camp and some bum will be making predictions on the "end of the recession" like he's a floor trader.
For the record: a recession is two consecutive quarters of declining GDP. We have not had that yet. We do not meet the defenition for "being in a recession." We may find out at the end of this quarter that we are but until then please stop talking like Ben Bernake sent you a text on your blackberry five minutes ago, you played golf with Warren Buffet yesterday and you're going to lunch with Henry Paulson.
You are not a finacial genuis, you can't even define recession and anyone who listens to your market predictions and isn't laughing in their head is dumber than you are.