It is stunning how the revanchist Establishment has managed to push the starting date of the recession back one year into the Bush administration to protect the Clueless One.
Goebbels Media. "The bigger the lie, the more people who will believe it!"
>>>It is stunning how the revanchist Establishment has managed to push the starting date of the recession back one year into the Bush administration to protect the Clueless One.
It is not revisionist to say the credit crisis began in July 2007. It is fact. Take a look at:
TED spreads (the difference between what the U.S. government and banks pay to borrow for three months)
http://www.bloomberg.com/apps/cbuilder?ticker1=.TEDSP%3AIND
High Yield bond spreads
http://www.bis.org/publ/qtrpdf/r_qt0812a.pdf
Asset Backed Commercial Paper rates and issuance
http://www.federalreserve.gov/releases/cp/
Bank lending standards
http://www.federalreserve.gov/boarddocs/SnLoanSurvey/200811/fullreport.pdf
This report is a nice summary.
http://www.bis.org/publ/arpdf/ar2008e6.pdf