Comments on: Positive GDP Report Won’t Stop Media or Pols from Crying ‘Recession’ http://www.bizzyblog.com/2008/05/03/positive-gdp-report-wont-stop-media-or-pols-from-crying-recession/ The Business End of the Blogosphere Fri, 05 Dec 2008 10:03:48 +0000 http://wordpress.org/?v=2.5 By: Barry Ritholtz http://www.bizzyblog.com/2008/05/03/positive-gdp-report-wont-stop-media-or-pols-from-crying-recession/#comment-122128 Barry Ritholtz Tue, 06 May 2008 14:08:19 +0000 http://www.bizzyblog.com/2008/05/03/positive-gdp-report-wont-stop-media-or-pols-from-crying-recession/#comment-122128 Several economists and pundits have unequivocally stated that, since there have been no negative quarters of GDP, there is no Recession. This group of economic observers include former CEA Chair and current Harvard Prof Greg Mankiw, economist Brian Wesbury, economist/media pundit Larry Kudlow, and USNews reporter James Pethokoukis -- amongst a few others. Here's my challenge for these economic observers: Has their ever been a past recession declared by the NBER even where GDP was originally reported positive? Several economists and pundits have unequivocally stated that, since there have been no negative quarters of GDP, there is no Recession.

This group of economic observers include former CEA Chair and current Harvard Prof Greg Mankiw, economist Brian Wesbury, economist/media pundit Larry Kudlow, and USNews reporter James Pethokoukis — amongst a few others.

Here’s my challenge for these economic observers:

Has their ever been a past recession declared by the NBER even where GDP was originally reported positive?

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