We aren't going to argue with a Nobel Prize winner. And especially not about this:
"Is the U.S. in a recession? My answer is no. (Looking at the past four quarters) growth is a little bit below trend, not way below. Will the U.S. enter a recession soon? ... No, not unless the U.S. increases tax rates or closes off from the rest of the world ... or shifts to an anti-productivity policy, I doubt that will happen."
-- Edward Prescott, Senior Monetary Advisor for the Federal Reserve Bank of Minneapolis and 2004 economics Nobel Prize winner in a speech at the Bank of Finland on June 12.