I heard yesterday this loud shout of joy from the unemployment lines across, as Archie Bunker would say, the US of A. Wasn’t sure what the joy was all about, till I read the NY Times headline. Yeah, sure the recession was over in June 2009. It is like being dead and being unaware of it.
As the old joke goes: It is a recession when my neighbor losses her job, but it is a depression when I lose mine. I am still wondering what obfuscation of truth stopped the powers that be from calling the current state of economic affairs a depression.
And the timing: Is there an election around the corner?