Thread: U.S. May Be in for ‘Great Recession,’ Longest Postwar (U

U.S. May Be in for ‘Great Recession,’ Longest Postwar (Update1)

By Steve Matthews and Timothy R. Homan

Dec. 2 (Bloomberg) -- The U.S. economy, now officially in recession, may be in the midst of the longest slump in the post- World War II era as job losses mount and credit dries up.

The economic slump began in December 2007 when payrolls reached a peak, the business cycle dating committee of the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts, said yesterday. The last time the U.S. was in a recession was from March through November 2001, according to NBER.

“We’re looking at some pretty severe numbers for the fourth quarter, and the first quarter of 2009 will be pretty bad as well,â€

Lawrence Summers, President-elect Barack Obama’s pick for White House economic adviser, said the economy is getting worse and requires more legislative action.

Lord help us. These wack jobs created the recession, now they want to try and end it with more of the same? I think they will end up creating a years long depression.