According to the Associated Press, the longest recession the country has endured since the Great Depression ended in June 2009, atleast that's what the National Bureau of Economic Reseach declared this this morning.
This panel of academic economists based in Cambridge, Mass., said the recession had lasted 18 months. It started in December 2007 and ended in June 2009. Previously the longest post World War II downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months.
This is nice news, I presume, but there is an obvious distiction between the technicalities of academia and the practical realities of life. I will happily concede that we've crossed some technical barrier if they will now explain what that means for the economy in general. Teh recession my be over but when will the recovery actually begin - not the technical recovery - the one where people aren't afraid to spend again and aren't paralyzed by every negative suggestion from a pompous media paid prognosticator.
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