Is The Recession Over?

The statistics of National Bureau of Economic Research on the current recession, declares that this has been the longest recession that the country had to endure and digest since the Second World War. The period that lasted eighteen months seemed like eighteen long years. The decision is official to what many economists have believed for some time, that the recession ended in the summer of 2009, as the economy showed a steep growth from the July to September quarter of 2009, after showing four straight quarters of decline. But is this prevailing news true enough? If you happen to open the good lexicon to check the meaning of recession, I bet that you are bound to get scary at least till the time that you can switch over to that preferred job option or may be if you get a call from the creditors that your debts have been settled. Thanks to the debt settlement companies that are there to provide debt relief. However all that is heard may not be the reality, as the world is yet to recover from the bruises of recession. The general idea is that the recession was perpetrated by what is called excessive liquidity which led to overexpansion of credit to create a big bubble in the US housing market with the creation of secondary mortgage securities. By the time this bubble had burst, banks had run out of money and many organizations were on the verge of declaring themselves as insolvent and eventually the financial system went to collapse.

The recession must have got over, but with a few hitches as a few families are still finding it hard to pay their mortgage bills and the unemployment scenario is bleak enough for which a change in the economic priorities is urgently required. After all, bad times may not be considered to be over, until a better time is achieved with greater intensity and align it with the world.