Wednesday, October 14, 2009

Recession is Over

Good news! The recession is over!

The National Association of Business Economists is declaring that the recession is over. Of course it doesn't mean that jobs are coming back any time soon. In fact, they figure unemployment will keep going up for a little while.

So what does the expression "jobless recovery" mean? The best I can figure it, it means that you don't have a job, but Wall Street sets new compensation records.

Agence France Press (by way of is reporting "US banks and securities firms could pay a record 140 billion dollars to its staff this year...Workers at 23 top investment banks, hedge funds, asset managers and stock and commodities exchanges can expect to earn even more than they did at the peak year of 2007, according to an analysis by the Wall Street Journal."

How come I don't feel like throwing a party after this great news?