Are these people crazy?

Once the news came out that "only" less than 300,000 jobs were lost in July instead of 4-500,000, TV experts have been declaring the recession over and no depression coming!

Well, I don't know about a depression---I suppose it depends upon how a depression is described, but I can not understand how one can make the assumption that the recession has stopped getting worse!

Even if it stayed about the same as it is currently we would still be in a recession! And, if unemployment continues at half what it was it simply will take longer to get there than it was taking!

How can it be over when there are tens of thousands of foreclosures to go in housing
and undocumented quantities of commercial over-build yet to dispose of--and not easily I might add.

There are many banks yet to fail, they aren't going to get any more bail-outs.

Worst of all, people aren't spending like they did when credit was easy. They can't! Also, many have huge credit card bills to pay off before they can get any more.

It will take years to return to where our economy was in 2007--even though that was a credit economy and we won't do that again for a long time.

I know they don't want to appear negative, but facts are facts.