The recession is not over.
All we can say is that the economy is not crumbling as rapidly as it was. That’s not exactly the end of a recession, but it is a good sign, or at least a comfy resting point before the next leg down.
Economists and analysts who are paid to cheerlead are doing just that. I talk about it with Arianna Huffington and investor David Barse, and Fox Business News’ Alexis Glick.
Click here to see Part II of the panel.
GDP numbers came out today showing the economy only shrank 1% in the second quarter vs. 6.4% in the first, and 5.4% in the fourth quarter of 2007.
There’s some hope for positive GDP in the third quarter, but it will be meaningless against the backdrop of 10% unemployment.