Economic Expert Hunter Lewis: We Are in a Depression!

by Robert Wilde 13 Jan 2014

On Sunday, Hunter Lewis, Founder and former CEO of Cambridge Associates, told Breitbart News Executive Chairman and host Stephen K. Bannon that, "We are in a depression."

Lewis delivered his assessment of the U.S. Economy on Breitbart News Sunday on Sirius XM Patriot radio channel 125. He explained that part of the reason the economy is in such a shambles and the political system is in such a shambles is bad economic policies that have fed special interest groups, instead of supporting the middle class and the poor. And those same policies have given us crony capitalism.

Hunter, a graduate of Harvard University, co-founded Cambridge Associates, LLC, a global investment firm whose clients include leading research universities, charitable organizations, and families. He has served on boards and committees of fifteen not-for-profit organizations, including environmental, teaching, research, and cultural organizations, as well as the World Bank.

We are in a depression, according to Lewis. He asserts that if we calculate unemployment as they did in the 1930s, we would have unemployment numbers that rival that era. The only reason we have the percentages we have now (6.7%) is because “we don’t include those who have dropped out of looking for a job, who have given up. If we included those, the unemployment number would be at 20%.”

Read more at Breitbart.com

Quote: Rev wrote in post #1

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Economic Expert Hunter Lewis: We Are in a Depression!

by Robert Wilde 13 Jan 2014

On Sunday, Hunter Lewis, Founder and former CEO of Cambridge Associates, told Breitbart News Executive Chairman and host Stephen K. Bannon that, "We are in a depression."

Lewis delivered his assessment of the U.S. Economy on Breitbart News Sunday on Sirius XM Patriot radio channel 125. He explained that part of the reason the economy is in such a shambles and the political system is in such a shambles is bad economic policies that have fed special interest groups, instead of supporting the middle class and the poor. And those same policies have given us crony capitalism.

Hunter, a graduate of Harvard University, co-founded Cambridge Associates, LLC, a global investment firm whose clients include leading research universities, charitable organizations, and families. He has served on boards and committees of fifteen not-for-profit organizations, including environmental, teaching, research, and cultural organizations, as well as the World Bank.

We are in a depression, according to Lewis. He asserts that if we calculate unemployment as they did in the 1930s, we would have unemployment numbers that rival that era. The only reason we have the percentages we have now (6.7%) is because “we don’t include those who have dropped out of looking for a job, who have given up. If we included those, the unemployment number would be at 20%.”

Read more at Breitbart.com

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Zitat

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. The NBER recession is a monthly concept that takes account of a number of monthly indicators—such as employment, personal income, and industrial production—as well as quarterly GDP growth.
http://www.nber.org/cycles/jan08bcdc_memo.html

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Here's an interesting bit of trivia. The NBER no longer uses the classic definition of two quarters of GDP down turn.

Q: Why doesn't the committee accept the two-quarter definition?
A: The committee's procedure for identifying turning points differs from the two-quarter rule in a number of ways.
First, we do not identify economic activity solely with real GDP and real GDI, but use a range of other indicators as well.
Second, we place considerable emphasis on monthly indicators in arriving at a monthly chronology.
Third, we consider the depth of the decline in economic activity. Recall that our definition includes the phrase, "a significant decline in activity."
Fourth, in examining the behavior of domestic production, we consider not only the conventional product-side GDP estimates, but also the conceptually equivalent income-side GDI estimates. The differences between these two sets of estimates were particularly evident in the recessions of 2001 and 2007-2009.
http://www.nber.org/cycles/recessions_faq.html

Here's more on how the NBR determines a recession:
http://www.nber.org/cycles/jan08bcdc_memo.html

According to the NBER our last recession ended in June of 2009.
http://www.nber.org/cycles.html


Makes you wonder what planet the PTB at the NBER are living on or perhaps how well 'paid' or threatened they are.