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Report from Hazzard
Patrick Montgomery

Someone once said Don't kill the messenger

Posted Sunday, November 9, 2008, at 1:14 AM
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  • Ayrewolf: welcome to econ-101. A recession is defined as 2 consecutive quarters (6 months) of negative or shrinking Gross Domestic Product (GDP), and a depression is more severe, measured by a decrease in GDP of more than 10% and lasting longer than 6 months. In third quarter of 2008 there was measurable growth (not shrinkage) in the GDP although this growth was less than expected, and was measurably less than the third quarter of 2007. By definitions we cannot be in a recession yet, but we may find by the end of 4th quarter that we are in a depression (10% negative growth, if that happens) before we can officially declare a recession. The soonest we could say we are in recession is after GDP is announced at the end of first quarter 2009. (about mid-April)

    You sir are in the right business though, because in tough economic times, people go longer without servicing their vehicles and the likelihood of them needing a recovery vehicle increases. You of all should welcome the coming economic woes.

    -- Posted by Benjogilvy on Sun, Nov 9, 2008, at 5:15 PM
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