The Great Recession: The Recession is Over ?

Economists have pronounced the national recession over as of August 2009. But don’t start celebrating just yet.

The recession may technically be over, but don’t expect any substantive improvements to occur anytime soon. The economic growth that was seen from May through November was modest, very modest (bordering at times on trivial) at best. The economic recovery is going to be long and slow. There is still great uncertainty about the economy, and in the world of economics and finance, uncertainty is the enemy. No one wants to be the first to jump back in, risk being premature, and get slapped back down.

So, the economic hardships for tens of millions of Americans will continue. More foreclosures as the next wave of risky mortgages come due to re-set. Continued unemployment. More people pushed out of their middle class existence and into financial distress.

Expect at least another 9 - 12 months before any semblance of normalcy begins to return. Even then, it may be years before the U.S. economy fully recovers from this "Great Recession". Sadly, millions of Americans may never recover, and quite possibly will remain in poverty even after this great economic catastrophe finally passes.

Never forget: This economic crisis did not just happen. It was engineered by a relatively small group of executives who control the financial services industry. All of this economic hardship and distress was caused by their greed, by their arrogance, and by their recklessness. Never forget... never let it happen again!


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