It's official. We are in a recession.

[Trooper_IHB]

CNN stating the obvious.

NEW YORK (CNNMoney.com) -- The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .

 

[no_vaseline_IHB]

 

[Daedalus_IHB]

I was close.

My thought--we're already in a recession. We just won't know for sure until all the numbers have been counted and revised as the data firms up.

 

[Anonymous_IHB]

http://www.msnbc.msn.com/id/27999557

The White House commented on the news without ever actually using the word “recession,” a term President George W. Bush and his aides have repeatedly avoided.

Instead, spokesman Tony Fratto remarked upon the fact that the NBER “determines the start and end dates of business cycles.”

 

[biscuitninja_IHB]

[Searches for his Captain Obvious Photo....]

Wow, these bozos can spin it all they want, but it isn't going to make NOT a recession. Sheesh.

-bix

 

[irvine_home_owner_IHB]

Seems more like a depression... without the people jumping out the windows and stuff.

 

[Hormiguero_IHB]

Seems more like a depression... without the people jumping out the windows and stuff.

I believe November 20 was a recent market low. This looks pretty sad and real.

 

[PANDA_IHB]

Seems more like a depression... without the people jumping out the windows and stuff.

I believe November 20 was a recent market low. This looks pretty sad and real.

O my Gosh? That's Crazy? 2009 only seems like it going to get worse than 2008. More job losses, More foreclosures, More stock market crashes. I remember reading about suicides in Korea ten years ago during the financial crisis. I really hope that this activity does not carry into the Unites States.

What allowed Korea to come out of this mess within two years is that the Korean government allowed the incompetent companies to fail by not bailing them out, allowing the competent banks to take over the incompetent. My fear is that this is not happening in the United States. The government is bailing out the incompetent and allowing them to compete with the competent. This is only going to prolong the recession and make it only deeper. These are very scary times. No matter how bad the situation may be, no one deserves to take their own life.

 

[effenheimer_IHB]

 

[CalGal_IHB]

Cute pic, Eff.

Well, even CalGal and Mr. CalGal weren't spared.

Mr. CalGal got "The Call" today and got laid off.

We knew it would only be a matter of time since he's in the financial world, and everyone is getting touched somehow.

Thankfully we live way below our means, so we should be OK.

They did offer him another position within the company, so he'll probaby take that job.

But we'll have to say bye-bye to beautiful Coto and Southern California.

Thanks IR and the IHB gang for keeping us from buying a house!

This economy sucks! :shut:

 

[Daedalus_IHB]

Ouch. Sorry CalGal.

 

[usctrojanman29_IHB]

Cute pic, Eff.

Well, even CalGal and Mr. CalGal weren't spared.

Mr. CalGal got "The Call" today and got laid off.

We knew it would only be a matter of time since he's in the financial world, and everyone is getting touched somehow.

Thankfully we live way below our means, so we should be OK.

They did offer him another position within the company, so he'll probaby take that job.

But we'll have to say bye-bye to beautiful Coto and Southern California.

Thanks IR and the IHB gang for keeping us from buying a house!

This economy sucks! :shut:

Sorry to hear that CalGal. Do you mind PMing me the company that your husband works for?

 

[Trooper_IHB]

CalGal, that wasn't totally unexpected though, right? I remember you saying that the hub thought it might happen and that you were planning on heading back East.

Damn, too bad it couldn't wait until Spring !

 

[irvinefsbo_IHB]

Sorry to hear about Mr. CalGal. It's tough to lose a job in this economy. As long as he likes the company, another position may be wise for now. Just be sure he gets a 2 week break.

I have been recruiting for an entry level IT position, and we are getting 200 resumes a week. But now, we have a hiring freeze, so no position at all.

I don't see why this Dec 2007 recession is news. I mean if they can't figure out that we are in a recession until a year later, why do we care?

For all we know, next year, they will be saying we are in a deflationary economy! Duh! Why does this even make news?

irvinefsbo

 

[biscuitninja_IHB]

My feelings go out. I think you are very wise to take precaution. Mrs Ninja is a harder nut to crack with playing it safe....

Hit me up with a resume and I'll be happy spread it to my vulture head hunters....

biscuitninja at hotmail com

Anyways good luck

-bix

 

[Girl In the OC_IHB]

Cute pic, Eff.

Well, even CalGal and Mr. CalGal weren't spared.

Mr. CalGal got "The Call" today and got laid off.

We knew it would only be a matter of time since he's in the financial world, and everyone is getting touched somehow.

Thankfully we live way below our means, so we should be OK.

They did offer him another position within the company, so he'll probaby take that job.

But we'll have to say bye-bye to beautiful Coto and Southern California.

Thanks IR and the IHB gang for keeping us from buying a house!

This economy sucks! :shut:

Wow... CalGal... I'm sorry, this really sucks!

I sure hope you continue to visit all of us here on the IHB, even if you are no longer in the OC! :down:

 

[Major Schadenfreude_IHB]

"Mr. CalGal got “The Call” today and got laid off."

Sorry about that.

At least they made the call today instead of last week. I once worked for a firm that let me go the day before Thanksgiving. I saw it coming and didn't really care because I was young.

You guys sound like your young. I feel sorry for the folks in their mid 50's who may be losing their jobs and seeing their 401k's get whacked. WTF Mr. President?!

I also feel sorry for a friend who got married in '06, bought a house shortly after. A little over a year ago he quite his Biotech sales job, enrolled in a MBA program at USC, networked his way into some kind of finance job. I remember him telling me that the job paid pretty well and the work wasn't all that difficult. Haven't talked to him in quite a while, but I wonder how well things are now. Sheesh.

I also feel sorry for my cousin whose dad died after a long fight with cancer the end of August, so he missed her wedding in October. She got laid off from her job of 10 years or so at Allied Capitol in NYC a couple of weeks ago.

Its going to be a long, cold, dark winter I'm afraid.

 

[PeterUK_IHB]

Cute pic, Eff.

Well, even CalGal and Mr. CalGal weren't spared.

Mr. CalGal got "The Call" today and got laid off.

We knew it would only be a matter of time since he's in the financial world, and everyone is getting touched somehow.

Thankfully we live way below our means, so we should be OK.

They did offer him another position within the company, so he'll probaby take that job.

But we'll have to say bye-bye to beautiful Coto and Southern California.

Thanks IR and the IHB gang for keeping us from buying a house!

This economy sucks! :shut:

I'm really sorry to hear this CalGal...good luck with whatever you decide to do!!

 

[IrvineRenter_IHB]

Sorry to hear that CalGal. You will be missed.

 

[jbenko_IHB]

CalGal thats very unfortunate, but you need to believe things will be ok. When things go bad for me, I always tell myself that even though I don't see it now...it was meant to be. Many times misfortnues turn into greater fortunes.

You will be missed and good luck! Don't be a stranger.