To those who don't believe we are experiencing a recession? Why is this?

I form non bias opinion on answers. I will provide evidence on why we are in a recession. If you don't agree then that is you're own decision and it is respected by me. However I will challenge you to see what parts of this info is not seen in the market...and why it cannot be defined as a recession.



THIS IS LONG BUT IT PROVIDES REASON FOR WHY IT IS A RECESSION:

The public was addressed by the secretary of state three weeks ago with the state of our economy. It was concluded there was a sign of recession on way. However, many believe this started in November as did the subrime lending create decrease in mortgage lending. I am one of those people. I don't believe that subrime lending was the only cause. So since subrime lending fiasco started two consecutive periods ago....this indeed has led to a economic fall. GDP is important...and I have seen it fall also...but it has not reached two consecutive periods...but it will, no doubt. (that is my own opinion) Note that the GDP-growth (real seasonally adjusted annual rate) for the last quarter of 2007 was 0.6[31] as revised on February 28, 2008. It was 2.2 for all of 2007.



Nouriel Roubini has outlined a harsh 12-step scenario.[32]



U.S. home prices will fall between 20% and 30% from their peak. NYTimes chart ALSO TODAY IT WAS ANNOUNCED THEY HAVE FALLEN 60%

Losses to the financial system from the subprime disaster, as high as $300 billion, are now spreading to near-prime and prime mortgages.

The recession will lead to a sharp increase in defaults on other forms of unsecured consumer debt.

Monoline insurance companies will take losses on their insurance of residential mortgage-backed securities, collateralized debt obligations and other asset-backed securities products, which are much higher than the $10 billion-to-$15 billion rescue package that regulators are trying to arrange.

The commercial real estate loan market will soon enter into a meltdown similar to the subprime one.

Some large regional or even national banks that are very exposed to mortgages, residential and commercial, may go bankrupt. Bear Stearns Companies, Inc. collapsed on March 16, 2008, and was bought out by JP Morgan Chase.

Banks' losses will grow as a result of hundreds of billions of dollars of leveraged loans on their balance sheets at values well below par, currently about 90 cents on the dollar.

Once a severe recession starts, a massive wave of corporate defaults will take place. Typically U.S. corporate default rates are about 3.8% (1971-2007); in 2006 and 2007 this figure was a rather low 0.6%. And in a typical U.S. recession such default rates surge above 10%.

The “shadow banking system” (as defined by Pimco, it is composed by non-bank financial institutions that borrow short and in liquid forms and lend or invest long in more illiquid assets), will soon get into serious trouble.

Stock markets in the U.S. and overseas will start pricing in a severe U.S. recession and a sharp global economic slowdown.

The credit crunch that is affecting most credit markets and credit derivative markets will lead to a drying up of liquidity in several financial markets, including otherwise very liquid derivatives markets.

A vicious cycle of losses, capital reduction, credit contraction, forced liquidation of assets at below fundamental prices will ensue, leading to further credit contractionTo those who don't believe we are experiencing a recession? Why is this?
We are in a recession. It started back in the fall. By the time that the economists recognize it, it may very well be over. That is how they work best, in hindsight.