Just in case you missed the news, it's official: The recession is over. Or so say the Business Cycle Dating Committee of The National Bureau of Economic Research and the Obama administration media machine. Actually, it's been over since June 2009. Yes, you read that right: June 2009!
Is it just me, or did anyone else miss the recovery, too?
Granted, don't wince that the NBER's committee of eight made that economic conclusion on a quick conference call the day before the president's town hall-type CNBC meeting last week, during which he defended his failing economic plan. What convenient and coincidental timing!
If the recession ended and recovery began in June 2009, the first problem is: What is that saying about the wisdom and effectiveness of most of the feds' borrowing, bailouts and stimulus packages around and especially since that time? According to NBER's own conclusions, the feds' financial rescues were not only unnecessary because we were already "in recovery" but also as useful as a drop of oil in an already well-lubed steamboat engine.
And if the recession was over before stimulus monies were dispersed, then they failed twice. First, they borrowed from future generations and foreign countries to stop the recession's plunge into the abyss, which was needless because we were not in a commerce chasm. And secondly, they failed because the stimulus loans were poised as the remedy to stop the rise of unemployment past 8 percent, which is now 9.7 percent.
Just this past weekend, Nassim Nicholas Taleb -- financial scholar and author of "The Black Swan," which the U.K. newspaper The Times described as one of the 12 most influential books since World War II -- told a Montreal audience that Obama's stimulus solutions actually weakened the national economy: "Obama did exactly the opposite of what should have been done. He surrounded himself with people who exacerbated the problem. You have a person who has cancer, and instead of removing the cancer, you give him tranquilizers. When you give tranquilizers to a cancer patient, they feel better, but the cancer gets worse."
And what about the 15 months of America's economic chaos since June 2009? Have we experienced one iota of the recovery that NBER's website reports: "The trough (in June 2009) marks the end of the declining phase and the start of the rising phase of the business cycle"?
Would NBER really consider the following to be "rising" signs -- all of which have occurred in just the 15 months since that alleged June 2009 gutter ball economic trough -- in the "business cycle"?