At last, the recession is made 'official'; officially the US economy has been in recession for a whole year.
The keeper of the business cycle books, the National Bureau of Economic Research, announced Monday what economists have been saying for a long time--this is a recession. And, NBER says, it's been a recession since December of 2007.
The economic crisis is putting a stranglehold on the global economy in general and the American economy specifically, but I may just have to verbally assault the next person who compares it to the Great Depression. What we're looking at is NOT the Great Depression, but at the same time it's no temporary (i.e. a few months) downturn either.
And while we're all looking after our money and jobs, let's also keep the environment in mind. It's priceless. Even if you're constrained to thinking in terms of money, imagine the long-term economic devastation from lost of usable soil, pollution, lost of forestry, etc. not to mention global warming.