The NBER has made the call, we are in recession and looks like the pain will last for a while. The full story is here.
The NBER — a private, nonprofit research organization — said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December... Many economists believe the current downturn will last until the middle of 2009, and will be the most severe slump since the 1981-82 recession.
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