Posted on 07/02/2022 10:23:26 PM PDT by NoLibZone
Prominent Wall Street economists like Mark Zandi, investing luminaries like ARK Invest's Cathie Wood and executives like JP Morgan Chase CEO Jamie Dimon can make recession predictions until they're blue in the face, but their guidance will remain just that — an economic forecast.
That's because, in the United States, the economy isn't broadly and officially considered to be in a recession until a relatively unknown group of eight economists says so. The economists, who serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a private nonprofit organization. They have no predetermined meeting dates and their deliberations are private. There are no fixed term dates and the final determination of who gets to serve on the committee is made by one man: NBER president and Massachusetts Institute of Technology economist James Poterba. There is a clear lack of racial diversity amongst the eight members, and NBER has never had a member who has been a racial minority, according to Gary Hoover, co-chair of the American Economic Association Committee on the Status of Minority Groups in the Economics Profession.
(Excerpt) Read more at cnn.com ...
We’re only using the same rules we’ve used for decades and
decades.
Here we go with the racist math ploy again.
Gag me!
If it were Trump they’d be cheering into the nose-bleed
seats.
“When your neighbor loses his job, it’s a recession. When you lose your job it’s a depression.”
Usually, by the time this alleged group determines that we are in recession, which imho we are currently in, we will be headed for a depression.
Actually is a math thing. Two consecutive quarters of contraction. Course, math be a white thing, so.....
What this tells me besides this person is insane is they know the economic numbers coming out show us the economy is already in a recession and getting worse and the spin and coverup has already started, don’t believe the old white guys about the economy
White guys doing the white guy thing, ie, being smart. All others being stupid!
So a minority economist would decide differently than a white economist? Are “wise latina” recessions different than stiff white-guy recessions?
Inquiring minds want to know.
“Free-fall, motorcycle, hang-glider,
Hung on the line like a poison spider.
Win a eulogy from William Greider,”
-REM “Departure”
A recession has always been defined as two consecutive quarters of negative growth. We’re already in one
AOC - economics degree from Boston U, female, hispanic and transhuman!
Race, it’s all they’ve got, and they aren’t even winning at
that right now.
Recessionist = insurrectionist.
cnn is a racist rag.
8-|
Really, Nicole?
Hmm....the economic data is inconvenient for Democrats?
The Data is Racist! errr......I mean.....the people looking at the data using the exact same measures and methods they’ve always used must be racist.
Ignore what they say. All of you can tell the economy’s in great shape. Everything you need to buy in order to live isn’t getting massively more expensive. That’s just your imagination. Really! Vote Democrat this Fall!
Everyone knows that we are only in a “recession” or “recovery” when democratic campaign consultants and speechwriters say so.
Racist headlined are only the beginning if the leftist media’s troubles
I thought it was simply two or more consecutive quarters with negative growth was defined as a recession.
When the numbers can be fudged, the maths go out the window.
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