Many believe US is already in recession

[cal04]

By JEANNINE AVERSA, AP Economics Writer
http://news.yahoo.com/s/ap/20080210/ap_on_bi_ge/recession_vibes

WASHINGTON - Empty homes and for-sale signs clutter neighborhoods. You've lost your job or know someone who has. Your paycheck and nest egg are taking a hit. Could the country be in recession?

Sixty-one percent of the public believes the economy is now suffering through its first recession since 2001, according to an Associated Press-Ipsos poll.

The fallout from a depressed housing market and a credit crunch nearly caused the economy to stall in the final three months of last year. Some experts, like the majority of people questioned in the poll, say the economy actually may be shrinking now. The worry is that consumers and businesses will hunker down further and pull back spending, sending the economy into a tailspin.

"Absolutely, we're in a recession," said Hilda Sanchez, 44, of Waterford, Calif.

Bush: ‘The Experts Will Tell You We’re Not In A Recession’
http://thinkprogress.org/2008/02/10/bush-experts/
In Private, Bernanke Tells Horror Stories
http://www.usnews.com/blogs/washington-whispers/2008/01/22/in-private-bernanke-tells-horror-stories.html?s_cid=rss:in-private-bernanke-tells-horror-stories.html

[Avalux]

1. When people are using WalMart gift cards to buy food an baby supplies,

I'd say yes.

[Demeter]

2. And the Rest of Us--the Observant Ones, Are Certain

In fact, Michigan has been in recession since 9/11, and it's been getting worse over the last 7 years. And the GOP legislature has been piling on, trying to kill the state dead.

[no_hypocrisy]

3. I've come to the conclusion what the Market thinks trumps whatever we think.

[Zywiec]

4. Well if Hilda Sanchez says we are, we must be! n/t