Quote:
Originally posted by Torone@Jul 19 2003, 07:20 AM
That's true. Remember what constitutes a recession. Question is, why do they wait so long?
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The NBER decides by committee instead of using the simple classic 2 quarter decline in GDP. They try and smoothout the bumps. 10 down quarters with two ups in the middle they define for the whole period as a recession. Seems sensible. The NBER is a private oraganization. 12 nobel prize winners on board.