A Recession, No…Your’re Kidding!

Following major banking institutions collapsing, the highest job loss in years, wall street plummeting, and home values at an all time low, someone finally decided to tell us what are eyes have been witnessing is true, ladies and gentlemen it was not a mirage, we are officially in a recession.

 

Timing is everything and right during the happiest season of the year, we are gifted with the official news that the countries economic situation is just as bad as it looks, and now it’s a good time to tell you American. And while were at it maybe we (the economic Gurus) should you let you know its actually be in a depression since December of last year. But no need to stress you about a little bit of news like that, which would have prepared you to be a little more cautious about your spending and disciplined about your savings so that next year in case you lost your job you may have a few months savings as a life support, or those of you that purchased those homes last year, well you probably would have waited. That we didn’t need to happen, because those jet traveling, million dollar salaried CEO’s would have truly missed your money in their personal accounts.

 

Well no need to worry, Federal Reserve Chairman Ben Bernanke delivered the news Monday morning that the ship sank and he and others are looking into ways to handle the situation. So far possible solutions might include lowering interest rates again. He has assistance with task with Treasury Secretary Henry Paulson who is actively working with the incoming administration to make for a smooth transition and possibly have a relief package in place once the Obama team is in place if nothing is worked out before his inauguration with the current Bush Administration.

 

The good news most Americans knew it and hoped it wasn’t so, but with Lehman Brothers, Washington Mutual, Merrill Lynch and the list goes on with names of financial institutions crashing in 2008. The bad news, prep time is out of the question we are currently in a recession and if you were not smart enough to out think our economic team and prepared for this, you are in for a bumpy ride until stability is restored, and no one can tell America when that will happen.