RECESSION STARTED A YEAR AGO ... It must be nice being a member of the
National Bureau of Economic Research. All you need to do is look back and
tell us what happened in the past. The NBER announced yesterday that a
recession started in the U.S. in December 2007. That's nearly a year ago.
That was right around the time that the major market indexes started
flashing major sell signals (Chart 5). Chartists like us didn't need to wait
a year to see that. That makes the current recession nearly 12 m
