Negative GDP

We could see the first negative GDP in awhile, insuring that we are in the midst of a recession. I think the recession started in August with the credit crisis, but most likely, economists will say it started in November and will end this fall, with some growth in the fourth quarter if we're lucky. The President spoke this morning about the state of the economy and finally admitted that we are in tough times (everyone is waiting for confirmation before they say the word "recession"). A reporter asked if he had seen the GDP numbers yet, and he said he had not. However, I think he was tipped off and took the opportunity to blame Congress for the state of the economy and high oil prices (incidentally, I'm more apt to believe that high prices are being caused by a production bottleneck).

Sources:
1. Saying Times Are Difficult, Bush Presses Congress to Act
2. Amid High Oil Prices, Danger Signs in Production