Speech this a.m from Bush

[Pepipony]

Ok, now I dont get this. The guy that introduced Bush stated that Bush did a wonderfull job in '01 dealing with the Dot.com bubble burst and 9/11 and the financial difficulties we faced from that. He stated that Bush brought us out of a recession. Huh? Was I in a coma that I dont know about? Recession in '01? I thought his ( enarly) biggest worry pre-9/11 was how to spend the budget surplus. But recession?

 

[Pepipony]

I guess no one else saw it. Here is some info I dug up.

ask Dr Econ

Characteristics of U.S. economic expansions and contractions
NBER records show that, over the period from the mid-1940s until 2007, the average recession lasted 10 months, while the average expansion lasted 57 months, giving us an average business cycle of 67 months or about 5 years and seven months. However, there has been considerable variation in the length of business cycle expansions and contractions in the past. Fortunately, over the past 25 years the United States has experienced only two relatively mild recessions and extended periods of expansion.

The shortest recession between the mid-1940s and 2007 lasted only six months, from January to July 1980. The two longest recessions during the period lasted 16 months each, one extending from November 1973 to March 1975, and the other from July 1981 to November 1982. In both of these periods there was a noticeable decline in real GDP.

In contrast to the relatively short duration of most recessions, periods of expansion tend to last much longer, helping the economy expand over time. The shortest expansion period from the mid-1940s until 2007 lasted only 24 months, from April 1958 to April 1960. The longest expansion continued from March 1991 to March 2001, setting a record of 120 consecutive months of growth.


At least I wasnt in a coma LOL Bad thing is the spokesperson for the US Commerce Dept probably got his info wrong.

 

[Neil]

Ok, now I dont get this. The guy that introduced Bush stated that Bush did a wonderfull job in '01 dealing with the Dot.com bubble burst and 9/11 and the financial difficulties we faced from that. He stated that Bush brought us out of a recession. Huh? Was I in a coma that I dont know about? Recession in '01? I thought his ( enarly) biggest worry pre-9/11 was how to spend the budget surplus. But recession?

Maybe you were in a coma.

My memory of that period of time is that I was planning to retire but found myself losing my retirement funds faster than I could put into them. Because of that dip (recession) I worked another four years before I felt safe in retiring. The bad thing for me now is that I can't afford to just let my retirement funds sit until things get better. I need to eat and pay bills. I am however considering reducing the amount of money I take out each month.

 

[SunQuest]

Yes, there was a recession that hit the high tech industries. I was in part of it. I was laid off in march, couldn't find a job until sept and was lucky that I was hired the same day as 9-11. Right after they signed the papers to hire me, they put in a hiring freeze.

The thing is that this one is much much worse as it was people spending that carried the country through the roughest part back then. But now people can't even borrow to pay a mortgage. Heck, people can't pay the mortgage they have, so they are not going to spend.

Now people are blaming Bush... I wonder, would Congress have anything to do with this???? When Bush took office, the republicans were running Congress. Now it is the Dems that control Congress. Remember, ANY president can NOT do anything without congressional backing.

 

[Jill]

I can say I remember what happened. But then, I am a professional money manager

It would be pretty hard not to remember what happened with the economy and the sector, and it did start before 9/11.

 

[susanne]

Bushy, you're doin' a heck of a job! Yeah, right...

 

[Jill]

Oh yeah, too bad we didn't have Gore in office when 9/11 happened

 

[Pepipony]

There is a difference between a drop in the economy and a recession. If we arent in one now, then there is NO way we were in one in '01. We lost money in the dot.com burst as well, but I dont blame a politician for that, it was just what happens when too many people try to make too much money.

My statement was yeha or nay about Bush, it was about the guys comment about us being in a recession in '01.

Yeah, too bad we didnt have Gore in office then, bet we would have gotten Bin Laden by now.

 

[Neil]

My statement was yeha or nay about Bush, it was about the guys comment about us being in a recession in '01.

As I said before it was considered a recession.

From my point of view we are in a recession now but no one seems to want to say we are. I think that they think when they say we are in a recession things will get worse. Well come on let's just say it and get on with it.