[NYC Republican]

You’re the dolt if you don’t even know the definition of a recession... Idiot

[misterrob]

Your need to insult people is pathetic. The classic definition is 2 quarters of negative GDP. You don't know it until after you have been in it for several months. If it turns out that Q2 is negative and Q3 goes the same way, which is where things are trending, what will you tell people then?

“Sorry for being an arrogant a-hole folks”. “My need to show of how smart I think I am forced me to offer up insults to people who misused the term recession even though the economy had started one”.

Not likely....

[commonguymd]

Simple semantics by definition of recession as far as I am concerned, because of the way they adjust for inflation and the rising cost of fuel. Inflated home prices with worthless credit did a lot of good to prop certain things up, but the bills come due. There is a definitely a slowdown and easing up on credit is a band-aid. The clouds are there, but denying that a slowdown and recession is here or imminent because it is bad news is being blind to what is going on.

[chilepepper]

actually, you are proving how ignorant you really are... show me where I said we were in a recession?

i said we were heading into a recession, which is *certainly* true.

[Pelham]

“You’re the dolt if you don’t even know the definition of a recession... Idiot”

Bob Brinker? Actually you are mistaken regarding the definition of a recession.

The NBER determines US recessions, and their definition isn’t the “two quarters of decline” that often gets repeated.

http://www.nber.org/cycles.html

“The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. For more information, see the latest announcement on how the NBER’s Business Cycle Dating Committee chooses turning points in the Economy and its latest memo, dated 07/17/03.

http://www.nber.org/cycles/recessions.html

Q: The financial press often states the definition of a recession as two consecutive quarters of decline in real GDP. How does that relate to the NBER’s recession dating procedure?

A:: Most of the recessions identified by our procedures do consist of two or more quarters of declining real GDP, but not all of them. According to current data for 2001, the present recession falls into the general pattern, with three consecutive quarters of decline. Our procedure differs from the two-quarter rule in a number of ways. First, we consider the depth as well as the duration of the decline in economic activity. Recall that our definition includes the phrase, “a significant decline in economic activity.” Second, we use a broader array of indicators than just real GDP. One reason for this is that the GDP data are subject to considerable revision. Third, we use monthly indicators to arrive at a monthly chronology.