In my view, if you have one in 10 unemployed - something is wrong with the economy whether you call it recession or not.
I had hoped that foreboding economic circumstances would have caused the ultra-rich to think not just of themselves and increasing their own personal affluence. Unfortunately, however, too many of them lack concern, and without this concern, the divisive imbalance will only worsen with recession.
Surely, the best and most effective measure is to get the economy moving and shorten the period of recession or slowdown. That's the rationale for Gordon Brown's 'fiscal stimulus' and it sounds like a good one to me.
In a global economy, the Bush doctrine of unilateralism - going it alone - has been disastrous. It's becoming increasingly clear that we're all in this together. Your happiness is my happiness, your suffering is my suffering, your recession is my recession.
Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.
We simply can't spend our way out of a recession.
There is always some chance of recession in any year. But the evidence suggests that expansions don't die of old age.
Housing was ground zero for the Great Recession. Between early 2006 and Obama's inauguration in 2009, average house prices fell by a third across the country. In certain areas, including cities as diverse as Akron, Orlando and Las Vegas, house prices fell by more than half.
The Great Recession rocked the foundation of every financial institution, including Johnson Bank. We were struggling, and it was happening under my watch.
No I don't think it was a myth at all, anymore than what the recession that the whole country was experiencing was a myth, which obviously seems like it's going to get worse and worse.
The unemployment rate has effectively not gone down from where it was at the peak of the recession. The only reason it's gone technically from 10 percent to 8 percent is so many people are discouraged and have quit work.
People don't walk away from their homes unless they can't make the payments. That's an indication that we are in a recession.
