All true, but to most of us Freepers, this is not “unexpected.” (Although I will have a beer after work per the rules.) The Fed bean counters are desperate to try to avoid using the word “recession” again until November. Truth is, while we never recovered from the last one, we are already in a second recession. The declaration lags behind the data which lags behind the reality. This recession probably began back in the Spring.
But as I said, the Fed are desperate to not declare the reality of it until mid-November. They know that a declaration of recession absolutely kills 0bama’s re-election campaign. I don’t think they can hold out that long. There are too many independent economists out there who will let the cat out of the bag.
And when Romney/Ryan win the election in November, they'll be screaming about the "Republican depression" within the first hour after the election results.