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Despite Rush Limbaugh's shenanigans, Recession began in 2007
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You have to give credit to Rush Limbaugh. He was calling our financial crisis a recession openly before anyone else that I know of. Unfortunately, Limbaugh used the misnomer "Obama recession." Since President-elect Obama is not yet in office, Limbaugh's catch phrase is ridiculous but he is, after all, in the business of entertainment, not news.
Today, the National Bureau of Economic Research, a nonpartisan group charged with making the call on the economy for the official record, announced that the economy entered into a recession in the last month of 2007.
See the New York Times for the full story.
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