It's official! Lots and lots and lots of economists now think we're in a recession which started in July. Which reminds us of the old economist joke: What's the difference between a recession and a depression? In a recession, you lose your job. In a depression, an economist loses his job. Hahaha it's funnier if you're an economist. Like my dad. Who taught me that joke. A bit of perspective: At nine months, the predicted recession would be the longest in half a century. But the same forecasts also say it will be over by April. Chin up! [WSJ]

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