<p>*I think it’s worth the multiple posts of this news in the various threads started on this topic over the past year as a means of noting the sneering derision and contempt expressed towards the people who were right in noting this fact (not that it took genius to detect it.) *</p>
<p>My business professor identified the recession back in summer of 2007. It was a little aggravating to see the rest of the public take so long to acknowledge it.</p>
<p>Nothing like changing the definition to suit your views.</p>
<p>"The NBER does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries. Instead, it looks for a decline in economic activity, spread across the economy and lasting more than a few months.</p>
<p>The current downturn was particularly tricky to define because gross domestic product remained positive until the third quarter this year. The NBER said its committee looked at payrolls, which peaked in December 2007 and declined in every month since then, as well as real GDP and other data series to determine when the recession started."</p>
<p>Barrons, the NBER is the “official” arbiter of whether we’re in a recession or not, and they haven’t “changed their definition” one bit. It’s got nothing to do with “views” - they used the same standards they always have. All of the “superior intellects” here on CC who were able to express such confident scorn towards the people who got this right the first time were simply wrong. You were wrong. Just like with global warming and all of the other issues the right wing blogosphere pushes its agenda on. Addressing reality objectively instead of looking at everything through an ideological lens will help you to avoid those kinds of frequent and embarrassing gaffes.</p>