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  • July 31, 2008 03:13 PM EDT by Alexis Glick

    Recession: Yes or No?

    This morning on Money for Breakfast we got together some of the experts to discuss whether or not we are in a recession. I know what you are thinking -- Alexis don't depress me! I promise this segment will not depress you. It was extremely informative about the state of our economy.

    I was joined by Mark Lieberman, our senior economist, Stephen Leeb, President of Leeb Capital Management, Ted Marzilli, a senior vice president at BrandIndex, and Gary Harpst, CEO & Founder of Six Disciplines Corp to discuss the future, the emotional impacts of the recession talk and why, in a recent U.S.A. Today poll, less economists thought we were in a recession today as opposed to last quarter. Maybe they were right?

    I do want to note that the gentlemen were on the show before the economic numbers came out. Also note that the 4th quarter 2007 revision to negative growth was the first time we have seen a negative quarter of GDP since the 3rd quarter of 2001.

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chuck

Since I studied economics honestly the signals in the economic cycles have confound the economists. Despite the lows in the specific economic sectors, it's hard to say we're in recession. But to psychologically it feels and hurts like one. One has made this paticular cycle interesting has been the housing downturn and oil commidities. But the other factor has been Subprime mortgage. And the mortgage fallout has placed some the banks in tight binds. The other has been the credit crunch and I wonder is that affecting some regional banks but not all. Honestly I wouldn't say we're in recession. I would need to see more Q4 data and low corporate earnings to prove that answer. And the fact that there is more of an uptick in unemployment. As a juror observing and looking--the jury is still out on this one.

July 31, 2008 at 5:18 pm

about this blog

  • Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.

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