Recession Over, Eggheads Say

Bankruptcies are up. Mortgage defaults are up. Unemployment is up (and growing). Yet a panel of academic eggheads say the recession is over.

According to the Los Angeles Times:

The panel of economists that dates the nation's economic cycles declared Monday that the recession that started in December 2007 ended in June of last year -- making it the longest downturn since World War II.

The National Bureau of Economic Research, a private nonprofit research group that is considered the official arbiter of economic contractions and expansions, took pains to note that a determination of the end of the recession doesn't mean the economy has returned to vigorous growth.

Let's see. I got laid-off in November 2007 from my claims adjusting position. Since then, I have a claims adjusting position with an independent adjusting company, but as that work is so sporadic, I have to also work as a security patrol officer in Malibu.

There are scarce insurance claims opportunities out in the hinterlands.

The article also said:

The NBER committee, which is made up of eight academic economists, said it made its determination based on the length and strength of the recovery to date.

To read the full article, go here.