May 27: Paul R. La Monica for CNN Money reporting on Warren Buffett's belief that "we are already in a recession." Notice the lede:
NEW YORK (CNNMoney.com) -- It's getting harder and harder to deny that the economy is in recession.
May 29: The federal government releases an upward revision of the first quarter GDP growth. The ever-pessimistic AP reporter Martin Crutsinger grudgingly admitted that the new numbers could bolster the view that "the country can dodge a full-blown downturn":
The economy plodded ahead at a 0.9 percent pace in the first quarter - slightly better than first estimated - but still underscoring caution on the part of consumers and businesses walloped by housing, credit and financial problems.
[...]
The first-quarter performance matched analysts' forecasts and offered a somewhat encouraging sign because it showed the economy was still growing at that time. The figure didn't meet a definition of recession, which under a rough rule is two straight quarters of shrinking GDP, and might raise hopes the country can dodge a full-blown downturn.
See also Tom Blumer's related post.
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How does one confirm or deny a recession
Thu, 05/29/2008 - 11:24 ET by sarcasmoWhen we're in an atmosphere of total market manipulation by an obese government which is intent on bailing out investment bankers with magically created "money" instead of just allowing markets to operate?? Even with the BS bailout, the cost of insuring these big banks & brokerages financial obligations has soared despite the newly opened magical Fed "money" window, but clearly things would NOT seem this good absent the BS bailout, which was a totally artificial event unconnected to the marketplace.
JMR
The tax & spend drug war looks racist in the real world.