Mort Predicts the Great Recession in a Serious Clip

This video consists of 2 clips from 7-4-2008. A recession is usually defined as two consecutive quarters of negative growth in the Gross Domestic Product (GDP). The dating authority in the United States is the National Bureau of Economic Research (NBER). Thus, recessions are usually determined 2 quarters, or 6 months, after they have begun. The US experienced negative growth in GDP in the last 2 quarters of 2008. There is some debate concerning this recession's time-span due to other relevant negative global and domestic economic metrics. Some state the US had a recession from Q3 2008 to Q2 2009. The NBER announced the recession on 12/1/2008, stating it began in 12/2007 which was 4 Quarters after its beginning. In the clip, Mort predicts the recession on 7/4/2008. On 9/10/2010, the NBER announced the recession had ended 6/2009. On 11/17/2008 the Federal Reserve Bank of Philadelphia suggested a recession had started in 4/2008. Mort beat both these announcements by several months. There can also be confusion between two events. These being The Great Recession, which affected different countries from 2006 to 2014, and The Global Financial Crisis of 2008 which peaked in the years 2007 and 2008. President Obama was elected 11/4/2008 and President Bush left office 1/20/2009. President Obama signed the stimulus bill 2/17/2009. In the first clip, Mort refers to the Bush legacy which is hinted at in the second clip which aired earlier in the same show. Also, in the first clip, they are talking over each other, as usual, and Dr McLaughlin says "You haven't gone that far, have you?" Enjoy.