Baseball91's Weblog

September 20, 2010

Economy “Bottomed Out” in June 2009

Trying to capture that moment in life when you woke up and realized that you had been born to be an economist. Either that or a banker or maybe a weather forecaster. And you spent some time in discernment and with great thought realized that economists never really had people getting mad at you when you blew a forecast. Whereas weather prognosticators were the recipients of real anger from bother professional hackers and the unprofessional ones—golfers and computer hackers.

So with a view towards backswings and back-dating and the chiropractors’ convention in town, today comes the news that the National Bureau of Economic Research has backdated the end of the current Great Recession to some moment in June 2009. In the ongoing search for bottoms, with the caveat that objects maybe larger that those which appear in the mirror, The National Bureau of Economic Research group said its findings bear no relation to the current state of the economy or represent a forecast about the future. “One of us saw a bottom in June of 2009. And we took a vote on the credibility of that economist.”

This nonprofit group determines when recessions begin and end, and apparently had become a bit rusty with the affluence of the 1990s. Following a report on October 6, 2008 that 31% of economists did not think there was a recession, the National Association for Business Economics report around Memorial Day 2009 said that 90 percent of economists were predicting the recession would end in 2009, though recovery likely was to be bumpy, like coming out of a make over in a 4 week addiction program. Those economists then went in search.

In a report today, using some of the new technology also used by Homeland Security at the nation’s airport, a slowly expanding economy has been underway, based upon its bottom searches, since that time.

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