While researching for my preceding post, I came across this great example of how ridiculous the process of measuring and identifying recessions has been over the years. Please read this one entitled “Did Recession Begin in 2000?” Hopefully it troubles you that this article was written in 2004, about 3 years after the recession supposedly began. Way too much credibility is given to economists and anyone else who claims to be able to identify the beginning of a recession or predict when it will end. The best of the best at NBER found it tough enough to do even with a few years of hindsight. The current recession is no different. And if you don’t believe that we are in a recession right now, don’t worry…I am sure you won’t mind if I tell you for sure 3 years from now.