CNN on post-Great Depression recessions suffered by US

Interesting bit: Average US recession (11 since 1930s) lasts less than a year (or 6-12 months) except for two (early 1970s and early 1980s) that were global ones, in addition. Global ones run 12-18 months.

Now we are told (rather retroactively, I might add) that the advanced Old Core world has really been in recession for close to a year, so the thinking becomes we're about halfway through this.

That corresponds to a lot of predictions I've seen that say the recovery doesn't begin until the second half of 2009.

Comments

[large]

Having followed this for over two years, I believe that IF there are 100,000 Economics Experts working on this, we now have 100,000 opinions.

Heh, heh . .

[Mike Frager]

Unfortunately, there is not going to be a quick recovery from this recession. The phony service economy in the US has about reached its credit limit. Further propping up our unproductive economy will be too great a burden on our foreign creditors, especially after they count their losses from the current bust.

What we are actually seeing is the bankruptcy of America. If the Fed. continues to print money to try and forestall the pain of this recession, which is dearly needed to correct the massive imbalances in our economy, then they are likely to destroy the currency and cause a much worse inflationary depression.

Who will bail out the bailers?

[Matt R.]

I agree with Mike. We are no longer an economy backed by people making stuff, and from what I remember from history class, pharoahs and emporers were buried with their stuff. Stuff (material possessions, gold) have intrinsic value. From what I can tell, America does not create as much stuff as we used to, or less in relation to the jobs that support recreation, knowledge, arts, etc. While we may value creativity and see the value in knowledge, in a time of crisis (and I think that over the long haul), the value of having something in hand that you can touch/taste/smell and make use of, is more valuable.Anybody have any figures on this? Any other economies turn to producing more thoughts than stuff and survive?

[Louis Heberlein]

My crystal ball indicates 19-26 months from December 2007 start. Listen to Richardson. He is good spokesman for where capital and labor should focus for transformation.