The US economy shrank during the summer, while consumer spending dropped by the largest amount in 28 years, the strongest signals yet that the widely predicted recession has already begun.
Many analysts believe the GDP will decline in the current October-December period by an even larger amount and are forecasting a negative GDP figure in the first three months of next year.
The classic definition of a recession is two consecutive quarters of negative GDP.
As much as we hate to say it, the nation might be heading for recession. But that's doesn't mean we can't still thinking positively. Much like Nellie Forbush, we too are "cockeyed optimists." After all, recessions end, don't they?
So, here's out Fast Money Reader Poll. If we are going into a recession when do you think we'll get out?
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CNBC.com with wires