The good news is that, according to the current talking heads, the recession has bottomed, and we are on our way to recovery. Even the President says so.
Of course, they said that in December, after the bailout, with this expert calling for a March bottom.
WSJ called it months ago. The British Chamber of Commerce called it in July. In fact, we have been told we were nearing the bottom nearly every week since this all began.
Have we hit the bottom? Who knows? After all, the GDP still dropped by 1%. Dropping is still dropping, and it seems to me that you cannot be at the bottom when you are still dropping. For quite awhile when all of this started, we were told that we weren’t in an official recession until the economy contracted for two consecutive quarters, even though we all knew the economy was in the toilet.
Sooner or later, the economy will rebound, and the talking heads will all try to point out to us that they were the ones who called it, and politicians will all credit themselves with ending it, when in reality the economy just ran its own course.
The rest is spin.