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Is this a “Quasi Recession” or simply a “Recession”?

Is this a "Quasi Recession" or simply a "Recession"?

Courtesy of Mish

Alan Greenspan is back mincing words. The big difference since Greenspan left the Fed is that his words are now understandable. It’s a huge improvement.

Please consider Greenspan Sees Quasi Recession

The dollar traded near its weakest since November against the yen on signs the U.S. recovery is losing momentum and after Former Federal Reserve Chairman Alan Greenspan said the slowdown feels like a “quasi recession.”

The U.S. economy might contract again if home prices decline, Greenspan said in an interview on NBC’s “Meet the Press” yesterday. “We’re in a pause in a recovery, a modest recovery, but a pause in the modest recovery feels like a quasi- recession,” he said.

Fed Chairman Ben S. Bernanke will speak today on “Challenges for the Economy and State Governments” in Charleston, South Carolina.

Recession, Quasi Recession, or Quasi Recovery?

I believe the word "recession" fits the bill better than the term "quasi recession". Of course, this all depends on your definition of recession as well as the meaning of "quasi". A quick dictionary check of "quasi" shows the meaning is "resembling; seeming;"

This sure does seem like a recession. However, please note that the NBER has still not proclaimed the end of the recession that started in 2007. Thus, it is quite likely that the US is still in recession and "quasi" needs to be dropped.

At least Greenspan minced words in the proper direction. For example "Quasi Recovery" would mean something that "seems like a recovery" even though it isn’t.

This sure does not "seem like" a recovery, for the simple reason it isn’t, at least in any practical sense, regardless of what the NBER may decide. However, we did have a recovery on Wall Street, amidst a series of high-fives, but Main Street America has not benefited much it at all.

Mike "Mish" Shedlock


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