> WASHINGTON (Reuters) - The U.S. economy shrank during the closing months of 2007 for the first time in six years, the Commerce Department confirmed on Thursday, hurt by the steepest slump in housing since 1981.

> But it bounced back to record modest growth in 2008, avoiding back-to-back quarters of decline that would have met a popular definition of recession.

> The department sharply revised its estimate for fourth-quarter performance to show gross domestic product, or GDP, contracted 0.2 percent -- rather than growing 0.6 percent as it previously reported.

And later that year of 2008:

> Growth resumed in the first quarter of 2008, however, with GDP rising at a 0.9 percent rate that accelerated to 1.9 percent in the second quarter as government stimulus payments began to flow.

The wheels of recession were in motion since 2006, its head cropped up during the later quarters of 2007 and completely exploded in late-2008.

Look at all the macroeconomic indicators right now, inflation, energy costs, customer spending, etc., do you really believe we are not way into the wheels of a recession?

[1] https://www.reuters.com/article/us-usa-economy-gdp-revisions...