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Will Someone Please Just Call A Spade A Spade??? Updated

What is it with people and avoiding the truth?? Why can't we just own up to the fact that we are in a recession?

Yes, I said it...We are in a recession.

The dollar is at its lowest in 14 years. The stock market is dropping like a stone. Oil is up to $112 a barrel thanks to that weak dollar. The economy has lost jobs for 2 straight months in a row. Consumer confidence is lower than it has been in years. The Fed is slashing interest rates everywhere possible. The government is giving away money to people in the hopes they will spend it on big purchase items when the reality of the situation is that most American households will use the money to pay for gas and groceries...

All of this is happening now after devistating markets related to housing (no one on this forum or anyone related to this industry needs a further lecture on this topic) and the over-all credit crunch that has insued...

And, Mr. Bush is quoted as calling it "slow economic growth"... Slow economic growth??? How about NO economic growth...Not only that...BACKWARDS economic growth. To me, thats a recession. Let just call a spade a spade, for our own sakes. Quit beating around this bush...its a recession.

UPDATE --- Watching CNN this morning, there are sun belt states that are pulling funding from 'gift' programs like free clinics for the needy and food programs...even schools...as a result of the current economic crisis. Also, watching Glen Beck last night, he stated that this country has not seen such an economic decrease since WWII.

Now tell me were not in a recession.

UPDATE AGAIN -- See comments at bottom of blog...

If you would like help on increasing your bottom line, to go www.recr.com or call Clint at 800-977-7058.

Posted by Clint Miller on 03/17/2008 09:03 AM

Comments (29)

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29 Comments on Will Someone Please Just Call A Spade A Spade??? *Updated*

MAR

2008

I tend to agree with you on this.

You can't have a recession the year of the election:-)

Barbara -- You and I cant be the only ones that agree on this! But no one is willing to just come out and say it. Figured I'd be the maverick. :-)

Judi -- That is an excellent point...Well, you CAN have one because we are...you just cant call it one. :-)

It is obvious that the economy is slow...call it what you want, characterize it as slow....All I know is...gas is expensive, groceries are going up, I can't afford a new car and my income is not growing...From my perspective, it is a depression!

Gary -- Preachin to the choir, my man! Preachin to the choir! You just described my life point for point.

Amen Brother!!

Chris -- Just trying to speak up for those that are unwilling or unable. Thanks for the support!

Not agreeing or disagreeing with you. Just curious. Has there been two consecutive quarters of declining gross domestic product or has that definition of a recession changed since I graduated in 90. Sorry, I've been out trying to sell real estate.

Solomon -- Depending on how you calculate it, that has indeed happened. The major issue is that you can get numbers to say anything depending on how you manipulate them. Have been an ecomonics major in college, I understand the calculations. But, based on the numbers that affect ME, weve been in a recession for quite some time.

In fact, I agree with Gary..its less of a recession and more of a depression for me. :-)

The numbers are probably a lot worste then what has been reported. But since its an election year they dont want us to know how bad it really is.

Dee Dee -- I would tend to agree with you. I get more information about our economy from agents I know in Canada than I get from our own news. :-)

Once the election is finally over, I bet we'll hear a different tune about what we're really in!

Pam -- Agreed! In fact, you usually hear about how bad things are about a year after you are out of them and "they" really look at the actual numbers.

Rewhat?.... Yes, I believe you are right but if we called it a recession we'd have to find someone to blame!

Will Someone Please Just Call A Spade A Spade???

We have been in the trough of this cycle for a while now. And the recession? We are dead center in a recession everyone. The media usually informs us as we are past the middle or near the end of the recessionary cycle. This is not to panic the masses causing hysteria! When it is done and said, they will all say it was short lived.'

Steve Snyder

Senior Loan Consultant

www.SFBayAreaLoans.com

Lindsey -- No kidding! :-) It surely can not be our fault...right?

Steve -- Exactly...We wont know for months that we were offically in a recession. But, if you pay attention to everything as a whole, we are smack dab in the middle of one. Im in complete agreeance with you.

I was just watching Headline News on CNN and they said that 74% of Americans surveyed say that we are currently in a recession. The public has spoken.

MAR

2008

UPDATED AGAIN!

And the fed just cut the rates by 75 basis points. Between that and the bailout of Bear Sterns...tell me we arent in a recession...good grief

MAR

2008

I agree!

In San Diego many homes are down in value over 20% since the top in 2005. Yet, I think no real bottom will be in place until mid2009 to 2010.

Naturally, I hope I'm wrong on this and San Diego home values head up from here.

Bob

San Diego real estate blog

I agree with you! I've never seen so many mortgage professionals out of work at the same time! Some families have been absolutely torn up because both are in the business! This was a great post.

I think Chuck say this coming a long time ago!

In real estate we have been in a recession for sometime now. Our industry does not want to acknowledge this on any level! The numbers speak for themselves. Real estate offices that close will also leave a clear and loud message. Foreclosures leave a message, and the politicians are also in election mode!

If you really want to call a spade a spade, then call it a DEPRESSION!

I think this 3-year period, 2007, 2008 & 2009, will be known as "The Housing Depression." 2003, 2004 & 2005 were "The Housing Boom."

I didn't graduate with a degree in Economics, but doesn't a depression usually follow a boom?

If you watch the news then I can believe that you think we are in a recession. But there are agents in my office who are so busy, they can't keep up with all of it. I prefer to ignore the media, and yes, even reality. I prefer to make my own reality.

MAR

2008

Bob -- Only 20%? I have heard higher...that sucks. Hopefully the worst is behind us....I think you are right though...but, Im keeping my fingers crossed for you.

D. Bass -- Thank you!! Yes, I have very good friends of mine that closed up shop here in town because of it...its sad all the way around.

Sandra -- A prognosticator like that would make big money now-a-days. :-)

Jim -- You hit the nail on the head...No one can use the 'R' word during an election.

Karen -- You are correct, my dear. WWI was followed by the great depression...WWII was followed by one in the late 40's....etc. And I think you have a valid point. The boom that hit in the early 2000's burst and caused a shockwave that leveled the market.

Susan -- Of course there are always exceptions to the rule. That happens from location to location. Personally, my office has never been busier than it has in the last 3 months. But, the reality of the situation is that AS A WHOLE, the areas that are hit hardest outweigh those that are thriving. Im glad your office is doing well. And, thanks for your comments.

APR

2008

I was watching Fox News this morning and Varney finally said that with the jobs report that came out today, this economy is officially in a recession. Its about time someone finally admitted this disaster!

We will "officially" be in a recession around mid-November. It is a dirty word during an election year.

Melina...True that. The one thing you cant say during an election when speaking about the economy. Too bad people just cant be honest.

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Clint Miller

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