I would say that the real recession has only just begun. The causes of it are still with us, namely a consumerist, debt-ridden culture that thinks nothing of the consequences of its actions. The worst is yet to come.
Some people believe the recession is over because of the recent “growth” in GDP this year (of 5.4 percent). The definition of a recession is a contraction in the money supply, leading to unemployment and decreased purchasing power despite lowered prices. This “growth” results from what is called demand-side macroeconomic policy, in which the government spends money on defense or public projects to inject money into the money supply. This most recent “bailout,” or “recovery package” was just such an injection. The money was created out of nothing, being borrowed from the federal reserve and Chinese investment banks, and rolled into the national debt, which is fast approaching 20% of GDP. This debt might actually be good if any of it had been used to increase our national capital. However, most of it was directly consumed, immediately nullifying any potential productivity it may have represented. We have just delayed the inevitable by giving up more of our rights in exchange for a few more years of false stability.
Just my opinion, of course…
People need to start exchanging real value with one another and learning where their consumables come from, not to mention considering whether they really need them at all. Spend money on things that make money, and only buy something if your life will be qualitatively better if you have it. Most things just clutter our lives and distract us from real problems that need solving, from which, ironically, most money comes in the first place.
Get out of debt and acquire land. It’s the only way to weather the storm that is coming, assuming they don’t steal your property to build a mall under imminent domain laws.
Enjoy!