Recovery: Taking the Temperature

Friday, October 30, 2009

Yesterday saw some promising economic numbers, and a technical end to the recession, but the country is far from full recovery. Diane Brady of Business Week explains what the numbers do and do not tell us.

What do you think? When will you know that the recession is over for you? Comment below!


Diane Brady

Comments [26]

Eugenia Rens,koff from Williamsburgh, Brooklyn

Hello, Brian, When will the recssion be over for me? When I have an apt. of my own again and when I have money coming in. And when I receive justice from the state of GA regarding my mortgage fraud/foreclosure situation. Right now I am unemployed and living on charity, going to the soup kitchen 3 or 4 times a week. Eugenia Renskoff

Oct. 30 2009 01:34 PM
Joelle from NYC

Thompson is just a weak candidate. This is a really difficult time in the life of this city and that is why Mayor Bloomberg is running again. THAT'S WHAT HE SAID IN THE BEGINING. We need him now. If there was someone capable running (like Cuomo) maybe we wouldn't need him. This is reality. That's all.

Oct. 30 2009 10:43 AM
Hans Wortman from Meadville, Pennsylvania

I will know the recession is over when everyone who lost a cost of living increase can get it again. That hurts more than helps

Oct. 30 2009 10:35 AM
Hans Wortman from Meadville, Pennsylvania

If the recession is over, then why are millions of people out of work and the housing market suffering among all other things? Food prices have not come down. This is nonsense. Do not believe the government.

Oct. 30 2009 10:32 AM
rylee from manhattan

Get a clue, we are the throes of a major systemic change in our economy. This "event" the recession is not an event, it is the new normal. We are becoming a third world country with regular "working class" folks who are now NOT working or are at the mercy of companies hiring at wages that are less than before. The people who have the reins of power are the corporations and money people (globally) who are calling the economic tune. WE are like frogs in a pond which is gradually reaching boiling temperature. The bailout was not about jobs,it was an economic coup d'etat.

Oct. 30 2009 10:29 AM
Sandra from New York

I'm trying to type but the "i won't get to see the surprise in their eyes" story from Katonah is still making me nauseous. We are a spoiled pathetic bunch of people, aren't we?

Oct. 30 2009 10:26 AM
Voter from Brooklyn

Excellent response Kay and Kai.

Oct. 30 2009 10:25 AM
Mercedes Batista from Manhattan

I wish you guys stop propagating the doomsday scenario every day.
Stop asking people to report their economic indicators such as that woman from Katona. Give me brake!
WNYC is resembling more and more the cable scene.

Oct. 30 2009 10:24 AM

GDP counts foreclosure lawyer fees, government bailout money of wall street banks, people paying increasingly exorbitant and unfair health insurance costs... GDP is more than fudged. it is a useless way of calculating well-being.

Oct. 30 2009 10:24 AM
Cynthia from New Jersey

My Sister and my Father will have solid jobs so I will not have to cover mortgage payments among other expenses.

Oct. 30 2009 10:22 AM
Renato from New York City

I will know the recession is receding when I don't have to keep taking from my savings to break even every month. AND I STILL HAVE MY JOB!!!! How on this earth are families where one or more providers have lost their jobs and have NO SAVINGS! I think we have a very long way to go before we could say this recession is over.

Oct. 30 2009 10:22 AM

I'll know the recession is over when the drive-thru line for Starbucks wraps around the parking lot at all times of the day.

Oct. 30 2009 10:21 AM
LM from Long Island

Seriously.. as a European.. I consider the Hershey story a positive fall out of the recession.. that is not REAL chocolate.

Oct. 30 2009 10:21 AM
kai from NJ-NYC

Sounds like Diane Brady wishes for this season and every season to be a time to overload on crap we don't need.

Oct. 30 2009 10:21 AM

perhaps it is not a bad thing that we are shopping less and gdp is flat. our entire economy is, what 2/3 consumer spending? our wellbeing and longterm financial safety shouldn't be held liable for economic growth.

Oct. 30 2009 10:20 AM
Renato from New York City

I will know the recession is starting the ending process when the government starts to actually take substantive actions towards reforming a slew of corrupt, manipulated and destructive systems (such as credit cards, mortgages, etc.) Even today I see 105% mortgages with variable rates and interest only payments advertised. Does this seem like our problems are over?!?!?!?!? I will also know when the American people finally wake up, take to the streets, the airwaves and the government officials we pay for and let it be known that we HAVE HAD IT! WE WILL NO LONGER WILL ACCEPT THIS SPOON FED FALSE DATA, FAKE HELP AND INSINCERE SUPPORT. I think the American people are still asleep and too pre-occupied with thier own struggles to take careful notice of what is really going on.

Oct. 30 2009 10:19 AM
eastvillage from union sq

It won't be over. The lack of jobs and the poor pay of jobs will just become the new "normal".

Oct. 30 2009 10:19 AM
Jon from NYC

When I can stop dipping into what remains of my savings to pay the rent, utility bills, for food, and afford to see a doctor, I'll hold a "the recession's over" party.

Oct. 30 2009 10:19 AM
EAA from New York

The recession will start ending when I get a job using the Ph.D. in social services/healthcare I earned while working in financial services (to support myself).

Oct. 30 2009 10:19 AM
Voter from Brooklyn

Being out of a recession has a real and technical definition that has nothing to do with euphoria, smiley faces, and hippy BS.
If you want to pretend to be informational, have an adult conversation based in facts, not how some economic know-nothing feels today.
Some people will always claim they are in a recession or depression because they don’t have their pie-in-the-sky pipedream life they’ve always dreamed of… or at least haven’t hit the lotto yet.
Being out of a recession doesn’t mean immediate job growth, fast money, easy credit, or life being like it was at the height of the economic bubble when people were selling cheap schlock that should have never been made marketed or sold. It means the national economy isn’t continuing to contract.
Sounds like your guest is pro wasteful spending and bubble economies.

Oct. 30 2009 10:18 AM
Kevin from Red Bank, NJ

I'll know the recession is over when I can go back to buying name brand groceries.

Oct. 30 2009 10:18 AM
Jill from westchester

When companies are willing to hire over-40 year olds again. Used to be maturity and experience were valued by employers. Now these same attributes are thought too expensive.

Oct. 30 2009 10:18 AM
Bill from New York

It will be over when my friends are no longer unemployed and when our wages recover the ground they lost during years when the economy was often judged to be rosy. A once strong middle class has been slowly replaced by a debtor class that can't be consumers except for on credit, and we know what that led to and that there's no going back. Restore consumers to our consumer economy and we'll be out of the woods.

Oct. 30 2009 10:16 AM

maybe this is off-topic, but why isn't anybody talking about the UI extension and how the republicans keep derailing it? is the media afraid of this story because there's no way to spin republican opposition to it as anything but obstruction for the sake of it? they've come up with (at my last count) 4 different reasons for stopping the bill. meanwhile, i can't find a job, have no friends i can possibly borrow from and will likely as not get thrown out of my apartment without another extension of UI. another extension might possibly see me through until next spring and maybe the jobs picture will be brighter. but the republicans keep stopping the bill. and the media isn't talking about this at all.

Oct. 30 2009 10:13 AM
Robert from NYC

I'll know that recession is over for me when SSA gives a COLA again.

Oct. 30 2009 10:13 AM
Robert from NYC

The recession is NOT over and you should not be reporting it over.

Oct. 30 2009 10:10 AM

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