I haven't seen any recession here; people still pay $5.00 for a cup of coffee and $500 to see a football game. Only the people who could never have afforded to buy a house have been effected, especially since the price of gas went back down. Media recession is what we are seeing, for the most part.

If unemployment at around 12 percent and growing unemployment, increasing business closures, declining state revenues of 12 percent or more are given as criteria for a depression, then we are now in a depression–and I suppose the government will announce that after another year or so, just as they dragged out the admission of recession for a year after it was obvious to everyone. And if we are already in a depression, then we need depression-style economic proposals–not pretend bailouts for a pretend slowdown.

We're closer to a depression than a recession. What planet do you have to be on not to realize how screwed we are and have been for a while??

As for Detroit…I'm thinking maybe we shouldn't bail them out.

i had to move out of my home last year, there was so much that needed to be done and i didn't have the means to do it. i moved in with a friend.

Don't the politicians and CEO's get it ? They started moving jobs to
other countries because of their own greediness over 40 years ago,
stuffing their bank accounts with millions, and millions dollars. This trend
has continued for 4 decades while the economy slumped. Now that the
country is facing a economic disaster they want the taxpayers and the
people who were victims of job loss to pay for the losses. Try
bringing all the jobs back to the U.S. that were shipped over-seas from
about the last 40 years !!!!

Doom & gloom, doom & gloom, doom & gloom—- I swear, we could have the market hit 10,000 and every company in the country could show a profit, and the media & all the prognosticators would still be preaching "doom & gloom". As long as we keep hearing how bad things are, we tend to pull in our horns and hide away in the dark, and that just makes things even worse. People, we need to get up off our a$$es and start taking some positive steps forward.. Everybody sits back and moans about "how bad it is"…. well, do SOMETHING to make it better. You're not going to turn the economy around by yourself, but do something to brighten somebody's life somewhere– and I guarantee you, it'll make you feel better as a person. Even if it's just volunteering somewhere, that means you helped somebody else who needed it. If you buy somebody a meal for the holidays, that did them some good, did the economy some good, and surely it would have made you feel a little better inside. Get off this doom & gloom cr** and let's start working to make tomorrow a better day. Honest to God, go spend $10.00 at the store today– it won't kill you & it'll help the merchant & the economy.

Yeah, and 6 out of 10 of these same un-informed American "village idiots" want to send the auto industry into the dumpster. They must be republicans is all I can say…

No kidding, geniuses!!! I have known that for a long time, and the last time I went to the grocery just this week I came out with NO meat, just a little bit of fruit, milk, cereal, yogurt, and lunchmeat, along with some easy to fix things for lunches when in a hurry. It cost $120, for just three of us. The big bad boys in DC are making it harder on the rest of us, with all of the incentive package talks, bailout talks, and crisis talks about the financial state of things. Quit talking and DO something!!

And, to gary n. –the detroit 3 have already failed. That's why they are in DC…….

It's getting so bad, I'm thinking of canceling my cable TV.

Some of us have been saying for that we are in a recession since October of last year and that it was going to be deep and long. Some, like me, have lived through four recessions and can spot them as they are starting; and don't need the government to tell us about it months after the fact. We were called "whiners." Well, here we are, having just been told "officially" that we've been in a recession for a year. We're also being told that this is only the start of a very ugly downturn and some pundits (and even outgoing presidents) have even uttered the "D Word). Whose whining now?

The lawmakers should give up their pension and pay a portion of their health insurance. They should live like the rest of us.

the reason the auto makers are in trouble is because for years they had no competition now they have so they can't run things as they see fit the unions are crooked as a hind leg on a dog and rape the american people, i worked t forsd motor in san jose calif back in the 70's and i have seen how they work on the lines. its a disgrace. half the time they didn't work. but the union told them how to put there time in. they should be broke. maybe it would humble them to give a days work for a change.

I already know we are in recession. That's why I voted for the right man to do his best to get us back on track.
I don't care how much spending he does, he needs to fix the problem period. The dead goat does not fear knife.
TO THE REPUBLICANS, THE POLITICAL IDEOLOGIST, THE NO SAYERS, YOU SHOULD ALL SHUT THE HELL UP.

Maybe its time to get my news from a European news outlet and let the big three go under like the car companies.

It can't be too serious if they voted for Obama. What's his plan in 2010 when will face the $30 trillion social security imbalance? Thought so.

I guess those seeing prices of food and milk get ever higher, got the message a long time ago..know we did..Now we have extremely tight budget, make do with what we have, or without..its a shame people have to choose between food, meds, paying thier bills, as most months cant do all..why did it take the government so long to get the message ???????? Now, better question is
HOW LONG WILL IT TAKE TO FIX THIS ECONOMY ????????

Matt December 4th, 2008 1:34 pm ET (in response to gary n.)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Well said. You must have lived/worked overseas perhaps. If not, nevertheless, your point is a strong one.

Unfortunately, many people are not frugal. On top of it they are quite naïve or simply don’t care because they live in the land of “milk and honey”, which should be renamed “land of milk and money shortage”. Creditors see them as easy prey and invite them into their parlor like what the spider did to the fly.

In some southern states there’s a plethora of pay day advance loan companies which encourage you to borrow a mint from them (few questions asked) and then you agree to pay them once you get your salary, welfare check or what have you. When the check comes in the mail it is absorbed by the “sharks” leaving you little to pay your regular bills. If you do not meet the loan payment deadline, hefty interest rates will apply and the beat goes on. The government needs to address this and other schemes which gullible people cannot resist.

Serious yeah ya think. Question if fuel is going down and oil is less than 50.00 a barrel, then why is the price of food not going down also. I think we give the 34 billion to detroit and take 650 billion back so the wall streeters get the picture THE AMERICAN TAXPAYER IS PISSED OFF BIG TIME NO MORE MR AND MRS NICE GUYZ.

Serious yeah ya think. Question if fuel is going down and oil is less than 50.00 a barrel, then why is the price of food not going down also. I think we give the 34 billion to detroit and take 650 billion back so the wall streeters get the picture THE AMERICAN TAXPAYER IS PISSED OFF BIG TIME NO MORE MR AND MRS NICE GUYZ.

It is funny how the Republicans keep hollering how they are fiscally responsible when it is the Republicans who have been in power for the majority of the past 40 years. There is nothing fiscally responsible about spending 10 billion dollars a month on a war we CAN NOT win and should have not started. I know Americans do not like to hear nor accept the truth, but it is TRUE America's chickens are coming home to roost. I don't mean that in an unpatriotic way, I mean that to say you reap what you sow and we have not and is not a perfect union, though we must continue to strive to be a MORE perfect union for the good of all mankind. The Republicans think that all they have to do is go away and regroup and in 4 years all will be well and they will be back in power. I do not believe it to be so, God is in control of the situation. The next chapter has already been written for us.

But it's not so bad that Obama can't have all of his parties with his cronies. The people who can't eat or pay their bills are on his list of things to think about. Of course, Congress won't do anything about the economy either, until Obama takes office. Sounds like they are really worried, aren't they? Let's go for the brownie points instead of something that may help.

@ Steve in VA

The only reason things got worse in 2006 was because th eRepublicans in Congress started filibustering everything and Bush started wielding th eveto like the Sword of Damocles all in order to prevent the Dems from getting anything done. It was typical Republican sour grapes behavior and it is PRECISELY the kind o fthing for which the American public gave the GOP such a beatdown on Nov. 4th. Gro up, wake up and suck it up.

…DUH!…

It's serious when companies are "folding up" and many are losing their jobs. Meanwhile, the "bailout battle" continues to raise it's ugly head!

I agree, I am retired and have come out of retirement to offset what is going on with the economy.

I am so glad we have the Obama family in our White House and a man who cares about the common people. We have needed a man like this for so long. He really understands what is at stake for the American people. Let us humble ourselves and pray for our country and support Mr. Obama as he turns this country around with a new strong cabinet to help him. We need to stop pointing fingers and get up and do what we can for our neighbors…we all need to work together to make our country strong again. It isn't a crime or shame to do without luxuries that we have become used to. These are only things and we need to concentrate on doing what is important for America and our families.
God Bless America.

Are Barney Frank and Chris Dodd Republicans?

In some limited sense I fell sorry for those young adults who have never known what it is to do without something they WANT, not NEED.
No one has ever said no to them so maybe the current recession will
have some value. Hope springs eternal.

So when does a recession technically become a depression? When are we going to start hearing the "d" word?

Many believe a depression is defined as when all or some of these occur:
- price deflation or hyperinflation
- abnormal increases in unemployment
- restriction of credit
- shrinking output and investment
- numerous bankruptcies
- reduced amounts of trade and commerce
- highly volatile relative currency value fluctuations, mostly devaluations

Still others define a depression as when in which GDP contracts by at least 10%

I wonder when we will start hearing the rumblings of the "d" word….

When the Democrats invaded and took over Congress, everything went to heck in a handbasket. Thankfully I still have a job and I have some dough in the bank just in case. I don't have enough to survive four years of Obama but I will make do somehow.

I'm down to my last million to donate to the Obama campaign…

Yah, it's pretty sad out here…
Many are looking for roommates or moving in with family.

When people are commiting suicide due to foreclosure, I think it's pretty clear what's going on in America.

What I would like to know is: Who is going to bail out/hand out the $90,000.00 of retirement 401K money, that my wife and I have lost?

It is not that the government and the economist took a year to "figure out" we are in a serious recession, it was an election year, and they never want to admit to anything big that will affect them adversely (republicans), so they wait until after the election to spoon feed us the bad news. It always amazes me how they (republicans) think they are fooling us. "If we say the words, then it is true…" mentality. It will be so refreshing to have real leadership in Obama with truth and transparency being the rule. People forget what real leadership looks and feels like. But I think the grown-ups are back in charge on Jan. 20. Thank God!!!

I really, really hope Congress squashes those JERKS hopes at gm ford and chrysler for a bailout. all they want is more money. the consumers are the ones who need a bailout. THEY DO NOT! SCREW YOU CEOs!

You know, these polls are weird. You could have asked any of the people I meet at the local cut-price grocery store over the last six months about the recession and you would have heard a consensus on a) yeah, it's a recession; and b) yeah, it's serious.

Matt,

The "blame the victim" mentality is old. YES, people who overspent should (and always do) pay the price. but THEY are not the culprits in this economic mess. You think THE PEOPLE have the power to do this????? They don't have the power to manipulate financial tools, they don't have the power to lend money to themselves…. they don't have the power to manipulate stock prices… they don't have the power to move jobs to Mexico and India for cheap labor….

but yeah…. it was 100 guys who traded their cars in early….

I bought into the capitalist model like a religion because I understand that capitalism is key to keeping the economy strong and innovation high; but, the negative effects of capitalism are that money tends to concentrate, unfairly, in the hand of a very few powerful individuals, excessive competition can actually results in less competition through monopolies and prevents new comers from entering a market, and short term goals to maximize profits for share holders has worked push manufacturing overseas and reduced research.

Government regulation and involvement is needed to keep the American capitalism market strong, open and working for the American people. Also, when Americans get squeezed out of the job market, they deserve to get help. It is not socialism for Government to provide help for individuals faced with disabilities and job layoffs and other factors not in the individual’s control.

Ex-Republican
"The only ones who disagree are the Republicans. They still think the economy is strong!"

Yes, they sure do. They created this mess (as did such stalwart republican leaders as Reagan and GHW Bush). Now the average working people of America (you know, "Joe Six-Packs") are suffering.

I'm just thankful McCain lost the election. Maybe now we can get this ship off the sandbar and back on sea.

DUH! Ya think?

Of course the recession is serious. Majority of Americans knew we were in a recession last year when all the political pundits were denying it. The President(Bush) called it a slow down(No.S.Sherlock.). It's called a recession. It's a shame to see that it took almost a whole year for these idiots to figure that out.

the American people have said we were in recession since late 06. It was only official when the big companies felt it and we stopped paying them. LET THE BIG THREE FAIL and the new guys rise up. There have been a lack of innovation for 30 years and now they will pay for it

most americans don't have a clue about how finance works.
who took out all these phopny mortgages and did not read the documents.
how many failed to read their credit card terms?
how many failed to read the terms on auto loans?

EW- because there is an actual definition for a recession. It is 2 straight quarters of decline in GDP (growth). Democrats have been saying every year since 2000 that we were in the middle of a bad economy, even though we experienced a record 55 straight months of GDP growth! Why is it that Liberals only do well in times when the economy is not doing well? I think that tells us alot about their motivation.

Just go out and buy some food and you will know that we are in a largre recession. I am the type that buy the same items every month and most of them items went up like 4 dollors or more. Now that's a large recession. Food I can not go with out, but Christmas gifts I will this year and my son is okay with that. Husband and I have each other for a gift this year. I have to agree that most Republicans think the economy is strong. I like to live on their planet.

I never read caps, it shows low IQ

@ Matt

Thanks for your comments but you sound to me like one of those people willing to cut off your nose to spite your face.

It didn't take long for the Democrat congress to ruin this country

of course it's serious when you can't afford milk for your children.

It's funny that these politicians think the American people are stupid and blind to the fact that our economy is in the toliet. What I don't understand is how this news always comes as a surprise to Paulson!!! He never seems to know what the HELL is going on until its announced to the public. Why hasn't somebody done something to get this man off of tv and out of office? Everytime he talks the markets reply by taking a nosedive. What a way to build confidence in our stock market….by letting Paulson talk. Once again the American people have been BUSHED!!

anyone who is not thinking that we are in recession is an 'idiot' or extremely rich ….

I agree with gary n. …. We should support the bridge loan request by big 3 as soon as possible. We are wasting a lot of time discussing unnecessary stuff in the congress (who cares how the CEOs got to DC, which cars they drove etc. ..) and making matters worse as time goes by …. C'mon. the IDIOTS in congress, decide soon!!! It is because of you guys (Congress), that the bridge loan request grew from 25b to 34b within 2 wks ….

The debt culture that most Americans have embraced over the last 40 years should be viewed as an artificial bubble that is now exploding. This is much, much larger than the Big 3. Imagine – an economy based so much on people going into debt… of course it was bound to explode.

Why, exactly, does it take economists a year to figure out there is a recession? I figured it out in February when companys started laying people off and the IT consulting business started to slow way down.

We are witnessing the same kind of greed now from the rich and the corporations that were exhibited in 1929. The government and the Fed need to quit tinkering with the economy before its too late.

well where was cnn.the last year.now we find we were in ression since dec.07.lets get some real honest news reporting.you people at cnn.are no better than bush.

Your worried about the automobile industry and banks failing. I am too. I know it will cost millions of people their jobs. BUT THE AMERICAN GUVERNMENT NEEDED TO WAKE UP YEARS AGO. THEY ARE THE WORLD'S WORST AT TAKING CARE OF THEIR ON RETIRED WORKERS. MILITARY, CIVIL SERVICE, TEACHERS, RAILROAD WORKERS, SSAN ETC. THEIR COST OF LIVING RAISESIS NEVER AS GREAT AS THE ACTUAL OF LIVING. FOOD, PRESCRIPTION DRUGS, FUEL, AUTOMOBILES CLOTHES ETC THE BASICS OF LIFE KEEP SOURING BUT THE PEOPLE AND THEIR CHECKS KEEP GETTING LOWER AND LOWER. ALL THE TIME THE INSURANCE COMPANIES WHERE ALL THE INVESTORS VEST THEIR MONEY CAN INCREASE THEIR PREIMUMS AT WILL. SOMETHING IS NOT RIGHT WITH AMERICA. THEY DO NOT CARE ABOUT THEIR PEOPLE. ONLY THEY ALMIGHTY DOLLAR AND WHOS GOT THE MOST OF IT. LETS MAKE SURE WE KEEP THEM ROLLING.

The average man on the street has known the country is in recession since early 2008. What took the National Bureau of Economic Research so long to figure this out?

@ gary n.

That's what we get for being a society of over-consuming credit-hungry morons who buy a new car every 2-3 years because it's unacceptable to drive that 1999 Dodge Caravan into the ground when the other soccer moms have a brand new land-boat in which to drive the kids a mere 3 blocks to the practice field instead of walking. Get over it. Necessity is the mother of invention. A bailout is nothing more than delaying the inevitable. This country needs to be reminded what real need is…not just wanting new toys all the time.

Anyone who thinks that we are not in a recession is either dead or does not live in America.

It may not be as bad as the depression, but it is a larger recession than we have seen in a very long time.

Well, yeah!

Those of us paying attention have been saying so most of 2008.
The problem was those who had an agenda denying that we were even in recession!

Interesting how the news that we have been in one since December comes out AFTER the election.

The only ones who disagree are the Republicans. They still think the economy is strong! After all, this is the economy they worked so hard to create for us. A completely ruined one!

Where is everyones heads in Congress. Can you not see it behind rhuge paychecks. The American people are hurting. Especially the retired folks who rely on their government retirement checks. From Military, Civil Service, SSAN, Teachers, etc. Their checks never increase to the level of the cost of living wage. In the meantime prices are souring out of sight in food, medical, prescription drugs, fuel and you name it. Wages are not staying up with the cost of everyday living. Your worried about automobiles makers. Well bail them out then whos going to buy their expensive automobiles when most people can not afford the basics of life. WAKE UP AMERICAN GOVERNMENT.

Most of us have been in a recession since 2001. I don't know why people are acting as if they were blind sided by this news. We are in a full blown depression, but the egg heads won't say it until ……let's see it is 12/04/2008……….they will admit it in 01/07…………..2010.

It's a recession now. With the way things have been going, I am waiting for the other shoe to drop and the unemployment lines will be turning into lines for soup kitchens. Since the 1980s, we have ignored the sin of spending money we don't have, well folks…the party's over and the waiter just showed up with the bill.

If the Detroit 3 are allowed to fail there will be soup lines again -reminiscent of the 1930's.

The recession is bad. What I don't understand is that they knew
we were in a recession since last December and are just now
announcing it. Was it politically motivated? Think knowingly
supressing this info is criminal.
There are going to be hard times ahead. We all must support,
even the republicans, our change in government and hope
for the best.

we're in a depression.

Four out of 10? What about the remaining six? I guess those must be the ones who saw it coming a year ago and are not surprised. I will never get over the fact that after 9/11 occurred some smart powerful figure advised people to continue to live their lives and "spend, spend, spend" (and the sheep agreed to do so).

I'll make this easy for the right-wing swifties – It's Clinton's fault, right?!

I don't know about the rest of you, but with my income low and fixed and the cost of everything going up so fast, this feels more like a Depression than just a deep recession. They'll wait until we all have starved to death (where's the tax base then??) before they tell us the truth. Thanks for out-sourcing the U.S.