Mama mia!

69 cents for one ear of corn. $1/lb for potatoes. I guess I'm having a mental recession.

That's ridiculous. Corn is 5/$1 here.

You're absolutely right. I doubt that supermarket will sell many.

[Jenise]

69 cents for one ear of corn. $1/lb for potatoes. I guess I'm having a mental recession.

Take THAT, John McCain.

I was shocked at $3 a pound dried pasta the other day, where any day of the week I used to always be able to walk into the local grocer and find at least one shape of Barelli or Ronzoni at about a buck a box. It's in fact been a habit to buy my favorite shapes when they're on sale like that and then they're in the pantry when I get around to needing them, so I routinely check the pasta aisle to see what's on sale. Right now the answer is: nothing!

Last week to finish a caponata I needed one single red onion. A buck 29cents. I almost fell over. Considering getting rid of some of my turf and planting something I can eat !!

I guess I'm having a mental recession.

Yes, you are having a mental recession. A recession is defined as two consecutive quarters of negative growth. We have not even had one quarter of negative growth let alone two consecutive quarters.

Like I said, I'm in a mental recession. My brain is in negative growth. I'm psychosomatic and just imagining prices. Ommmmm. Everything's ok..... Ommmmm.

Like I said, I'm in a mental recession. I'm psychosomatic and just imagining prices. Ommmmm. Everything's ok..... Ommmmm.

You implied we are in a recession which is 100% incorrect.

69 cents for one ear of corn. $1/lb for potatoes. I guess I'm having a mental recession.

My original statement is above. I'm whining. I'm having a mental recession. You're inferring that I'm implying our country is in a recession. I never said that. I'm freaked out over prices.

Like I said, I'm in a mental recession. I'm psychosomatic and just imagining prices. Ommmmm. Everything's ok..... Ommmmm.

You implied we are in a recession which is 100% incorrect.

I hate to be a third man in on these types of things, but you both are wrong!!
The economy just plain sucks. There, glad to have been of help.

I'm freaked out over prices.

I am very concerned as well! Especially with the cost of corn because that goes into so many things these days.

Like I said, I'm in a mental recession. I'm psychosomatic and just imagining prices. Ommmmm. Everything's ok..... Ommmmm.

You implied we are in a recession which is 100% incorrect.

I hate to be a third man in on these types of things, but you both are wrong!!
The economy just plain sucks. There, glad to have been of help.

Plain spoken. Whether or not we're in a recession, the economy sucks, and I think most people would agree. Luckily, we all get raises to balance the higher costs.

I'm freaked out over prices.

I am very concerned as well! Especially with the cost of corn because that goes into so many things these days.

Both NJ's family and some on my side farm and let me tell you they are absolutely giddy over the prices of corn and soybeans. They are fortunate to have they ability to have 2+ years of crop in storage to sell when they feel the time is right. With corn over $7/bu. and beans over $15/bu. it is a verrry good time to be a farmer in the Midwest except for those dumb enough or greedy enough to plant river bottoms.

Bill

Are we in a recession yet?

I'm jumping on this bandwagon with my complaint. Two weeks ago I paid $1.99/bunch for mustard greens. I've NEVER paid $1/bu for greens, but $2. What the %&&^*@!!!!

Are we in a recession yet?

No. TImes may be tough, but we have not seen two consecutive quarters of negative growth which is what defines a recession. Cheer up, Larry. Look at the price of oil and the interest rates these days.

69 cents for one ear of corn. $1/lb for potatoes. I guess I'm having a mental recession.

Take THAT, John McCain.

I was shocked at $3 a pound dried pasta the other day, where any day of the week I used to always be able to walk into the local grocer and find at least one shape of Barelli or Ronzoni at about a buck a box. It's in fact been a habit to buy my favorite shapes when they're on sale like that and then they're in the pantry when I get around to needing them, so I routinely check the pasta aisle to see what's on sale. Right now the answer is: nothing!

Found a "Dollar Store" here that sells dried pasta in 2-pound boxes for...er...a dollar.

I was happier when oil was $140 a barrel, gas was just under $5 and the stock market was intact.
Now oil and gas are down by half, but so are all my investments! I'll take a chugging economy with high prices any day.

Jenise, funny you should mention pasta, a subject dear to my heart. I had been selling DeCecco brand pasta to restaurants for what seems like forever, for right around $1 lb. The price never changed, through all the increases in wheat prices, and oil's rise, and the decline of the dollar vs the euro.

Then one day, bang, it's like the Italians woke up and said, we need to raise the prices. The price of a case of pasta doubled! I had to break the news to my customers, some of whom are big users. They freaked out, even when I rationalized by explaining that they'd essentially gotten a lower price for longer than they should have, and it was the weak dollar, and worldwide wheat shortages, and the price of oil all coming together in a perfect storm. And besides, their portion cost for a dish of pasta still is only around half a buck before saucing.

The other day I saw the same pasta in the supermarket for just under $4 lb!

I still buy Barilla for the house - we usually can get it for less than $2

Dave R, I would say that once the numbers are crunched, we will see that we are currently in a recession. From what some of the gurus I read are writing, this could be a particularly nasty and extended one. Of course, it too shall pass.
Keep your powder dry.

Like I said, I'm in a mental recession. I'm psychosomatic and just imagining prices. Ommmmm. Everything's ok..... Ommmmm.

You implied we are in a recession which is 100% incorrect.

Only semantically.

Are we in a recession yet?

No. TImes may be tough, but we have not seen two consecutive quarters of negative growth which is what defines a recession. Cheer up, Larry. Look at the price of oil and the interest rates these days.

I was just wondering if someone finally turned out all the lights whether or not this would finally be called a recession. I do like the gas prices; I filled up for less than $30. Woo hoo! And there's some good deals on stock prices. So, I'm not unhappy.

But actually, it's my understanding that defining a recession is more complicated than the rule-of-thumb two consecutive quarters of negative growth. Of course, I'm not an economist, nor do I play one on TV. To wit (from about.com):

Recession: The Newspaper Definition

The standard newspaper definition of a recession is a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters.

This definition is unpopular with most economists for two main reasons. First, this definition does not take into consideration changes in other variables. For example this definition ignores any changes in the unemployment rate or consumer confidence. Second, by using quarterly data this definition makes it difficult to pinpoint when a recession begins or ends. This means that a recession that lasts ten months or less may go undetected.


Recession: The BCDC Definition

The Business Cycle Dating Committee at the National Bureau of Economic Research (NBER) provides a better way to find out if there is a recession is taking place. This committee determines the amount of business activity in the economy by looking at things like employment, industrial production, real income and wholesale-retail sales. They define a recession as the time when business activity has reached its peak and starts to fall until the time when business activity bottoms out. When the business activity starts to rise again it is called an expansionary period. By this definition, the average recession lasts about a year.

The other day I saw the same pasta in the supermarket for just under $4 lb!

The Cipriani I've been buying (for "special occasion pasta") at $5.99 per half pound is almost sounding reasonable.

But actually, it's my understanding that defining a recession is more complicated than the rule-of-thumb two consecutive quarters of negative growth. Of course, I'm not an economist, nor do I play one on TV. To wit (from about.com):

Recession: The Newspaper Definition

The standard newspaper definition of a recession is a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters.

This definition is unpopular with most economists for two main reasons. First, this definition does not take into consideration changes in other variables. For example this definition ignores any changes in the unemployment rate or consumer confidence. Second, by using quarterly data this definition makes it difficult to pinpoint when a recession begins or ends. This means that a recession that lasts ten months or less may go undetected.

Leave it to the econometric dimwits at about.com to misunderstand macroeconomics 101. GDP goes up or down because of those "other variables".

A quarter is three months and two quarters is six months so I cannot see why they think a recession under ten months would go undetected.

If you would like to say that we may go into a recession in 2009 I will be more than happy to agree with you.

How about this definition from the National Bureau of Economic Research: The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

You win Larry. This is 1929 all over again. But thankfully Obama is up to bat and he promised us change so everything will turn around on his watch. Right?