Paulson Uses the “R” Word

Well, it’s official.  According to  MSNBC the U.S. economy began the fall into recession back in December of 2007, just about a year ago.  The National Bureau of Economic Research panel, made up of academic economists, finally declared what most private economists, lawmakers, business people and common everyday folks already knew.  At least, I have know this for quite some time and that’s why it boggled my mind why all of a sudden it made the news.  Anyone who has been the least bit attentive is aware that  unemployment has been on the rise and the stock market has been on the decline, major financial institutions are crumbling under the weight of bad debt and, in my mind, the biggest indicators of all: cars aren’t selling and people are using their credit cards less.  Despite the fact that President Bush is not ready to acknowledge that this isn’t a full-blown recession yet, Treasury Secretary, Henry Paulson finally agreed and actually used the “R” word Monday.  This is really an omen that things are bad. Read more »