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The recession: When will it end?

The recession is here to stay. Already longer than the average recession, it will hang around through most of 2009.

“It looks like (the recession) will last at least through the middle of next year,” said Wachovia Corp. Senior Economist Mark Vitner. “Probably it will bottom out then but the recovery process is likely to be very long and agonizing.”

He said that typically after a recession ends, unemployment tends to continue rising for at least a year.

“We are not likely to see a return to good economic times until late 2010 or early 201l,” he said Monday.

Florida, he said. “may take longer than the rest of the country.”

Florida’s recession started about six months earlier than the nation's recession.

University of Florida Economist David Denslow says the state’s economy started declining during the summer of 2007. The National Bureau of Economic Research said yesterday that the nation entered a recession one year ago, last December.

Denslow expects the downturn to continue through 2009. “My guess is we’ll see declining output in the first half of 2009 and essentially flat in the second half,” Denslow said Monday.

Recovery, he says, may come for Florida in the first half of 2010.

POSTED IN: Your Money (119)

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.....and is there any economic *expert* out there that has more credibility than my cat??

Yeah, ask a Wachovia guy for his *expert* opinion and while you're at it ask him why he didn't see the writing on the wall for his bank and every other bank out there.

At least I got a good laugh this morning when I saw the Citigroup *expert* downgrade Bank of America.

The majority of people are not being affected by the slowdown in credit and the mortgage scandal - at least they weren't until October. They were however affected by Goldman Sachs trying to run up the oil market. What we need is a Woodward and Bernstein investigation into Goldman and we need the Justice Dept. to issue some arrest warrants.

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