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View Diary: The Great Depression Pt. IV (187 comments)

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  •  Blame her simplistic definition of recession (0+ / 0-)

    The NBER has never said that it was as simple as two quarters of shrinking GDP, probably because they don't automatically accept the government figures about nominal or price-chained GDP.

    •  I blame her (0+ / 0-)

      Not the definition. That's  commonly used, if erroneous definition. A journalist who gets her stuff published by Reuters et al, ought to be able to do a little research. It also goes beyond defintions. In the first article, she agreed with Gramm. We were whiners and the recession was all in our heads. Now, supposedly, the NBER is telling us what we knew all along, accoding to Schlaess, everyone knew this. Since the recession began in 2007, both of her statements about whining and about everyone knowing something was wrong with the economy occurred at the same time and they are diametrically opposed.

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