According to economics, a recession is more or less like two back to back quarters of negative growth. Ben Bernanke is yet to confirm that its recession time, he is beating about the bush and indirectly talking of rise in gasoline prices and rising food costs. Just past Thanksgiving, christmas and New year, i had seen news of record breaking purchases and constant loud ringing of cash registers....that was just a quarter back. If that 4th quarter of 07 was a growth and its just 1st quarter of 08...how in the world could it be called recession? Just because there was a $400b housing slump doesnt mean that everything is gone in thin air. I think many more billions was lost in war and no one talked of recession then. Warren buffets is the first one to beat the death drum. This is more or less like rumor and gossip syndrome of someone talking about it and others act like sheep and follow blindly without thinking anything. There are two things to do now, either cut down on frivolous costs or pay the price for having an extravagant life.
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