I have been a watch wearer since I was 13. Last year, when the batteries in all my watches died, I stopped wearing a watch. I joked that I would not wear a watch again until the recession was over since I did not want to know how long it was going to last.

Well, the news services reported this morning the economy grew at 3.5% in the third quarter(the best in 2 years) meaning that the recession is over! Shout it now: THE RECESSION IS OVER?

But is it? How much of the uptick has to do with government funded programs for cars and homes?

The recession isn’t over because:

1. There are no jobs: The jobless rate is still over 10% and in many states like Michigan, much more than that. Peoples bills keep mounting and they are losing their homes.

2. There is no credit: Despite what President Obama and the SBA say, there is little credit flowing to small businesses or people that want a mortgage for a home. We can’t hire people, invest in new infrastructure or get payables paid.

3. There is no consumer spending: Without jobs and credit, people are still not buying things. Christmas is forecasted to be a bust.

4. The stock market while up is still way down. Most of our portfolios are still down 30% from last year.

The government always reports things in arrears. The recession started before we knew it and now they say its over before it isn’t.

Do you think the recession is over?