At http://economistsview.typepad.com/economistsview/2008/12/are-we-in-a-rec.html
there has been a heated discussion on whether to criticize the NBER for such a late declaration.
The Baron says...
Patricia Shannon thanks for the links. Now if those above will stop and really think about what it means, maybe we can stop the name calling.
The point of the NBER is to document and record exactly what happened at any point in the economy, so that with as perfect a record as can be attained, we can look at the past to help predict the future.
So it is not the job of the NBER to inform us of current conditions. But those whose job it is to do so have obviously fallen not done so. It's not like much of the data has been unknown.
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