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Recession? CNN Reminds Us Diversity Means White People Bad, Non-White People Good Because All Key Economists Are White
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Where were you when whiteness became a pejorative? [Who decides if the US is in a recession? Eight White economists you’ve never heard of, CNN, June 30, 2022]:

New York (CNN Business)Prominent Wall Street economists like Mark Zandi, investing luminaries like ARK Invest’s Cathie Wood and executives like JP Morgan Chase CEO Jamie Dimon can make recession predictions until they’re blue in the face, but their guidance will remain just that — an economic forecast.

That’s because, in the United States, the economy isn’t broadly and officially considered to be in a recession until a relatively unknown group of eight economists says so.
The economists, who serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a private nonprofit organization. They have no predetermined meeting dates and their deliberations are private. There are no fixed term dates and the final determination of who gets to serve on the committee is made by one man: NBER president and Massachusetts Institute of Technology economist James Poterba.
There is a clear lack of racial diversity amongst the eight members, and NBER has never had a member who has been a racial minority, according to Gary Hoover, co-chair of the American Economic Association Committee on the Status of Minority Groups in the Economics Profession.

All NBER members are experts in macroeconomics and business cycle research. Each is over 60 years old, and they are all associated with prestigious universities. The group includes two women, one of whom is married to another member.

The NBER’s recession designations are used and accepted exclusively by the US government, businesses, investors and journalists.

I shall not attempt to define recession, but I know it when I see it

While a recession is commonly defined by two consecutive negative quarters of gross domestic product growth, there’s no steadfast rule governing what defines a recession in the United States.
Instead, the Dating Committee abides by a relatively vague definition that allows for wiggle room: A recession, they write, “involves a significant decline in economic activity that is spread across the economy and lasts more than a few months.”

The committee also takes its time in defining when a recession begins and ends, making sure to look at data on a broad timeline. The designations often come retroactively — which means the US could currently be in the middle of a recession without anyone officially recognizing it until after the fact.
For example, inflation is at a 40-year high, the US economy contracted during the first quarter of the year, stock markets are on the brink of their worst half-year performance since 1932 and consumer sentiment has plummeted, but there is no guidance on when the committee will next meet and what they will decide.
The group says it takes a wide look at economic indicators — real personal income less transfers, nonfarm payroll employment, real personal consumption expenditures, wholesale retail sales adjusted for price changes, employment as measured by the household survey, and industrial production. But there is no fixed rule about which measures they use in their process or how they are weighted in the committee’s decisions.
The short-lived, Covid-induced recession in 2020, for example, only hadone quarter of negative growth. But “the committee concluded that the subsequent drop in activity had been so great and so widely diffused throughout the economy that, even if it proved to be quite brief, the downturn should be classified as a recession.”
With so much focus on the state of the economy, and so many official sources looking to one group to determine whether the United States has entered a downturn, NBER has an outsized role influencing American politics, policy and financial decision-makers.
“There’s an awful lot of symbolic value attached to whether we’re in a recession,” said Richard Wolff, professor of economics emeritus at the University of Massachusetts, Amherst. “It is taken seriously up on the Hill and by policy makers across the country, it’s important.”
But Wolff finds that even professional economists don’t know where the official recession designationcome from: “It’s one of those mysteries that isn’t inquired into because people have accepted these things as gospel — the rulings just seem to come down from on high.”
In recent years, however, critics have said the NBER’s recession and expansion determinations fail to consider the economic state of many underrepresented Americans.

A lack of inclusion

ORDER IT NOW

The NBER says the last recession ended in April 2020 but the recovery was two-pronged, something that the Department of Labor designated as “K-shaped”: sharp growth for the affluent and stagnant for the less well-off.
“Analysis of private data from various sources appears to bear out that low-wage workers have borne the brunt of the pandemic induced recession,” they wrote.
The Department of Labor found that while workers making over \$60,000 had returned to pre-pandemic employment levels by August of 2020, low-wage workers’ levels of employment were still down about 40%.
Low-wage workers, the Department of Labor concluded, would likely feel the impact of long-term earnings reductions, weakened savings and increased inequality for years to come.
When economists and policymakers look to study previous recessions, they will be using dates that “don’t necessarily represent the full breadth of experiences in this country,” said Valerie Wilson, who is director of the Economic Policy Institute’s Program on Race, Ethnicity, and the Economy as well as president of the National Economic Association. “More diversity on the committee will bring in perspectives and other ideas about how we understand the health of the economy.”
In recent years there has been a push by policymakers and the Biden administration to include more diverse thinking in economic analysis.
Janet Yellen, America’s first woman Treasury secretary and its first woman Fed chair, has argued that the lack of women and minority economists at the Federal Reserve and the federal government is a top priority. That lack of diversity, she said, skews viewpoints and limits the issues of discussion.
Increased scrutiny and discussion about representation has focused on the Federal Reserve board of governors, on which Lisa Cook became the first Black woman to serve last month. But the NBER, which is a private institution that receives government funding and works closely with former, future and present government officials, has largely avoided criticism.
There should be more focus on an organization that “makes significant policy decisions,” said Wilson. “They should look beyond topline numbers,” she said.

Economists’ diversity problem

The NBER doesn’t have to contend with public attention the way the federal government does, so it’s a much more insular community. Those outside of that community know very little about its inner workings, said Wilson — and those who do push back are “extremely underrepresented minorities who have less power.”
“I think the economics profession is notorious for being one of the least-diverse professions or disciplines along a number of lines: racial, gender and diversity in schools of thought,” added Wilson.
It’s difficult to break through and get people to consider new frameworks for how we understand disparity and inequality. This creates an unbreakable cycle as storied economists lead editorial boards of peer-reviewed journals. Getting published in those journals is essential to receiving tenure at the universities that the government and organizations like NBER recruit from.

TL;DR.

White people bad. Diversity good.

 
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  1. loren says:

    Ms Wood is a practicing Catholic.

    The fed heads are usually Jews. yes?

  2. “The Department of Labor found that while workers making over \$60,000 had returned to pre-pandemic employment levels by August of 2020, low-wage workers’ levels of employment were still down about 40%.”

    I am not a political party person since neither of them have a damned thing for me. The working persons wages have been flat to sinking for decades now, the investment class has always done well and their fortunes never decrease.

    Years ago reinvestment into businesses were done to avoid the higher taxes on the upper ends of their income. The investment class now has tax laws that allow them to invest and reap the rewards while the non-investment class who works for a living loses more and more.

    Increased diversity in economists isn’t a/the solution to anything. Having an economy based on smoke and mirrors to make the wealthiest wealthier is the problem. My solution? Who gives a damn. The diversity which Mr. (((Wolff))) and Ms. (((Yellen))) push is the Kalergi plan. The private universities (and select public institutions) these reptillians attend are the finishing schools for truly sick people. We will not vote our way out of this.

    I am Lancelot Link and I approve this message!

  3. turtle says:

    The NBER says the last recession ended in April 2020 but the recovery was two-pronged, something that the Department of Labor designated as “K-shaped”: sharp growth for the affluent and stagnant for the less well-off.

    Low-wage workers, the Department of Labor concluded, would likely feel the impact of long-term earnings reductions, weakened savings and increased inequality for years to come.

    In other words, rich people get richer, and the rest of us get fucked. Sideways, without any lubricant.

    You l have to admit, it takes a certain type of twisted brilliance to pull this off. Economic engineering at its finest…

    • Thanks: Lancelot_Link
  4. AceDeuce says:

    Yes. When I think “smart”, “able to understand and work with complex concepts”, and “good with money”, I think “negro.”

    • Agree: Patrick in SC, Bite Moi
    • Replies: @Bite Moi
  5. We need to import some economists from Zimbabwe.

    • LOL: Lancelot_Link
    • Replies: @repsinec
  6. repsinec says:
    @Fidelios Automata

    Economics is a voodoo pseudo-science full of arcane and meaningless jargon and based on hot air, yet plenty of whites look up to it as well (“Ooh, look at all those fancy equations! Those economists must be very smart!”), so we don’t need to go as far as Zimbabwe.
    “Anyone who thinks you can have infinite growth on a finite planet is either a madman or an economist” – David Attenborough

  7. I remember 6 or so weeks back a lot of allegations out of Ukraine (reported as fact in our media) about Russian soldiers raping infants and babies, including the infliction of fatal injuries (and with graphic description about the use of household items like spoons and candles in the rapes), in places like Bucha.

    It seems the person making the allegations, Ukraine’s ombudsman for human rights, Lyudmyla Denisova, has been dismissed.

    https://www.dw.com/en/why-ukraines-human-rights-chief-lyudmila-denisova-was-dismissed/a-62017920

    The deputy chairman of the parliament regulatory committee, Pavlo Frolov, says Denisova failed to oversee the opening of humanitarian corridors in Ukraine warzones, address the abduction of Ukrainians from occupied territories, and the protection and exchange of prisoners.

    Instead, Frolov says that Deputy Prime Minister Iryna Vereshchuk stepped in. Her ministry, which is in charge of the occupied regions, took on most human rights-related challenges relating to the war, according to the Servant of the People lawmaker.

    He also accuses her of having focused too much on media work, and on describing sexually motivated crimes in gratuitous detail as well as the raping of children in occupied territories. However, some of these accounts, he said, had not been verified, which had harmed Ukraine’s reputation and distracted media attention from other, proven crimes and problems.

    Frolov also accuses Denisova of having spent considerable time abroad after Russia attacked the country on February 24. He says instead of traveling to Russia or Belarus, where she could have worked to free Ukrainian prisoners, or alleviate the suffering of people in occupied Kherson, Denisova was staying in “warm, peaceful western Europe.”

    Many Ukrainian journalists and human rights activists were outraged when they read Denisova’s detailed descriptions on her Facebook account.

    “Sexually motivated crimes during wartime are a tragedy, but they should not be the subject of a kind of ‘chronicle of scandal’,” an open letter penned by 140 activists, media professionals, lawyers, psycologists and other public figures stated.

    The letter goes on to say “it is the job of the ombudsperson to first and foremost consider the rights and dignity of survivors and their relatives.”

  8. @Priss Factor

    Oh, what a week! First was “too much mayo on my sammich” , now it’s ” taking too much chicken”. When it’s said that these people will kill each other over the dumbest shit I guess there is literally NO bar low enough. Just remember….diversity is our strength!! 🤮

  9. usNthem says:

    I’d take what economists have to say with a grain of salt at best. Most of the stats they quote are outright lies – just like about everything reported on by the media. Market up – “inflation concerns are receding in investor’s minds.” Next day, market down – “inflation concerns are back in the forefront of investor’s minds.” It’s all BS top to bottom, front to back.

  10. Although i don’t share the animus against Jews that many Unz readers express, I do object as a (non-Jewish) white man that “white” is freely used when negative generalizations are being made while “Jewish” (not to mention “Black”) is absolutely verboten in the same contexts.

    • Replies: @Hangnail Hans
  11. Do some research in the right places and you might find yourself in the uncomfortable position of revising your long-held (conditioned) opinions. I’ve been there … done that … and gotten very, very irritated.

    Here are some places to start:

    www(dot)revisionisthistory(dot)org

    www(dot)ifamericansknew(dot)org

    “Against Our Better Judgement” by Alison Weir

    “Judaism’s Strange Gods” by Michael Hoffman

    There is MUCH more.

  12. anon[674] • Disclaimer says:

    the Chairman of the Federal Reserve was jewish for 31 straight years but i doubt CNN complained about that

    jews are 20x over-represented in Biden’s cabinet and occupy 5 of the 6 most powerful positions but again no complaints by CNN

  13. Unit472 says:

    A mother of two men found dead inside that tractor trailer in San Antonio mentioned the older of her boys was a Honduran economist and that her son’s dream was to build her a house in the US. Don’t know the Honduran economist’s c.v. but if you want to see illegal immigration from Meso America shut down fast start giving priority hiring to grads of Honduran and Guatemalan diploma mills on the faculty of American academic institutions or appoint them to well paying jobs at hedge funds and banks. If they don’t already know the lingo they can learn it and say ‘well anchored’ , transitory, DSGE model with an authoritative foreign accent.

  14. A negro recession is when the rib joint is out of sauce or the chicken shack is out of hot sauce. Let the negroes run the show and we’ll be living in huts and trying to figure out what fire is.

    • LOL: RoatanBill
  15. loren says:
    @Priss Factor

    chicken
    child killed over birthday cake
    mayonnaise shooting

    and check her do

    https://www.msn.com/en-us/news/crime/police-woman-drank-white-claw-cooked-hot-pocket-bathed-in-stranger-s-trumbull-county-home/ar-AAZ54rq?ocid=msedgntp&cvid=19968d023f91443191f782ccc1067ffc

    and get this crap

    The Washington Post

    After a Black man is killed by police, a city cancels its July Fourth celebration

    Days after a Black man was killed by police officers who reportedly fired almost 100 rounds during a chase that started as a traffic stop, officials in Akron, Ohio, announced that the Fourth of July celebration was canceled in response to a fatal shooting that has rocked the city this week.

  16. loren says:

    there was an article in the LA Times about immigration etc. by a professor and this was 20-30 years ago.

    someone wrote, if college profs were hired from a group of immigrants, you would change yr mind.
    Now with bull shit online classes and certificates etc–what gives?

    with regard to,
    A mother of two men found dead inside that tractor trailer in San Antonio mentioned the older of her boys was a Honduran economist and that her son’s dream was to build her a house in the US. Don’t know the Honduran economist’s c.v. but if you want to see illegal immigration from Meso America shut down fast start giving priority hiring to grads of Honduran and Guatemalan diploma mills on the faculty of American academic institutions or appoint them to well paying jobs at hedge funds and banks. If they don’t already know the lingo they can learn it and say ‘well anchored’ , transitory, DSGE model with an authoritative foreign accent.

  17. loren says:

    o t

    Exclusive: Stacey Abrams Responds to Black Twitter Backlash over Police-funding Tweets

    It’s rare that anything Georgia Democratic gubernatorial nominee Stacey Abrams, says is received with vitriol by Black folks or the political left. She’s been a juggernaut since narrowly losing to current Georgia Gov. Brian Kemp in 2018, raising millions for Democratic candidates, erecting a massive campaign to fight voter disenfranchisement efforts and becoming widely considered one of the most popular Black women politicians in the country.

  18. Bite Moi says:
    @AceDeuce

    AceDeuce—————–Any time i trusted a negro with complex concepts such as plumbing or fixing a transmission i have been enraged.The dealer had a black mechanix “fix ” my Ford Ranger”s transmission.My transmission was making a noise before he “fixed” it.After he “fixed” it,the truck wouldn’t go in reverse.I demanded,and got a different,i.e. White mechanic and he has it up in running in about 2 hours instead of 2 days.A large regional plumbing company sent a black plumber to replace my water heater.Now,i am not a plumber,but my layman’s understanding is that a plumbing job should NOT be still leaking when you are presented the invoice.I refused to pay him,and called the company,and asked for another plumber.The manager refused to send one until i paid the bill.I sent him a half dozen pictures,and threatened to post them to my wife’s FaceBook.In 45 minutes,i had a different (WHITE) plumber pulling up in the yard.The company waived everything but the cost of the water heater. I am not about to trust a black surgeon or pilot.

    • Thanks: AceDeuce
  19. @Priss Factor

    Why do negroes love chicken so much? I mean,most of us like chicken,its freaking good! But blacks are ANGRY about chicken! ” I got to have dat chicken! Oh no! You did not take the last wang off dat chicken! NOOO!”

    Now fried chicken,I am told,was invented by Scottsmen, who brought it to America. But I never hear about Angus McGregor shooting people cuz the chicken ran out.🤗
    Did blacks have chicken in Africa?

    Blacks love ribs,too. But the chicken is held above all four footed creatures.

  20. loren says:
    @Bardon Kaldlan

    birds eye wants the bucks to eat brocc..see my comment

    • Replies: @Bardon Kaldlan
  21. @Bardon Kaldlan

    Oh, they had ribs in olde Africa alright. It’s just that they came from other orcs lol!!!

    • Replies: @Bardon Kaldlan
  22. @Bardon Kaldlan

    If Negroes controlled the world, World War III and nuclear Armageddon would be over a bucket of Chicken.

  23. Lemmie get this straight: a committee of senior, and highly regarded and experienced economists needs to include a couple of poor people before we can accept its findings. However, we know that such persons, by virtue of their qualifications and lengthy, lucrative careers, cannot be poor. Ergo, the Supreme Court…er, I mean the Business Cycle Dating Committee, is illegitimate and anything they say is not just suspect, but totally wrong, and can NEVER be right. Is that it?

  24. Squares says:

    The people running those institutions and making the decisions are the same ethic/racial group as the author of that original article that Kersey is commenting on. Many times they ironically have the word “good” as part of their created surnames which just throws shade on their actual characters and demeanor. Mr. Kersey along with his mentor refuse to name this racial group but instead focus of liberal Whites and the tools bipocs especially american blacks) of the unmentionable group. Without any of these aforementioned eternal trouble makers we’d pretty much would have an ideal existence on this troubled planet.

    • Replies: @loren
  25. loren says:
    @Squares

    the word “good” as part of their created surname??? Examples?

  26. @Priss Factor

    Whoever made the decision to remove nukes from S. Africa in 1993 before the orcs took charge deserves a bonus.

    • Replies: @Trevor
    , @AnalogMan
    , @Raccoon
  27. Bite Moi says:
    @Priss Factor

    Priss Factor———–If blacks controlled the world World War lll would be fought with sticks,stones,and the occasional spear.

  28. Listener says:
    @Priss Factor

    Mofo, why you be eatin’ mug chicken!?!

    https://www.brproud.com/news/national-world-news/national/not-enough-chicken-leads-to-gunfire-at-anniversary-party/

    Ok this can’t be real… even white supremacists couldn’t squeeze in this many stereotypes.

    All of us get into family arguments over fried chicken don’t we?

    That’s when police say Munn’s mother got into a heated argument over “guests getting too many pieces of chicken”

    Of course our mothers tell us to “get our guns.” all the time.

    Police said Rogers’ mother, Stephanie Morgan, ordered him to get his guns.

    Who of us hasn’t shot a guest at a weekend barbecue?

    The family continued the argument outside in the front yard, where police say Rogers pulled out two guns and shot Dandridge at least six times.

    And I’m guessing you have at least 1 cousin named Dandridge.

    They. aren’t. like. us.

    • Replies: @Bite Moi
  29. @loren

    It’s rare that anything Georgia Democratic gubernatorial nominee Stacey Abrams…. and becoming widely considered one of the most popular Black women politicians in the country.

    I would agree with the “wide” part.

    • LOL: Female in FL, loren
    • Replies: @Bardon Kaldlan
  30. anon[429] • Disclaimer says:

    stop using toilet paper, nwrds

  31. White people “ bad “ ; correct : Self destruction via genocide is traitorously bad ; only “ Whites are that Dodo stupid & altruistic to their detriment . “ Diversity “ is good because it makes Marxist Whites feel virtuous & superior to their constitutional peers .

  32. @Tono Bungay

    There ought to be some sort of lesson to be learned from such a state of affairs. But who even knows what it might be?

  33. @Bite Moi

    We needs to make a nuculear-tipped spear. Sheeeeeeiiiit.

  34. Bite Moi says:
    @Listener

    Listener———This whole nog tragedy over fried chicken could’a been avoided if our society just switched to bug protein and tofu.

  35. @Priss Factor

    Or a pick up basketball game or some high priced basketball sneakers with some Black NBA star’s endorsement name on it !

  36. Trevor says:
    @Sick n' Tired

    Whoever made the decision to remove nukes from S. Africa in 1993 before the orcs took charge deserves a bonus.

    It is doubtful that they had the intelligence, knowledge, and skills to use them.

    Best case is they would have blown themselves up.

    • Replies: @Sick n' Tired
  37. @Bite Moi

    Can’t argue with your logic .

  38. AOC has an economic degree. Maybe she could be a poc advisor.

    The economists, who serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a private nonprofit organization.

    Being a “Dating Committee” she is probably the top discussion topic anyway.

    • LOL: Mr. Rational
  39. @AR in Illinois

    OK,you should get a cookie for that comment.😉

    • Thanks: AR in Illinois
  40. @loren

    And they want to ban menthol cigarettes. We gon have some healthy negroes! Less medical costs,but all the better to clobber us!

  41. AnalogMan says:
    @Sick n' Tired

    Are you kidding? That was a no-brainer. Even the traitor De Klerk wouldn’t be that stupid.

  42. Nachum says:

    I will note that at least “White” is capitalized in the headline. Small mercies…

  43. Raccoon says:
    @Sick n' Tired

    Probably the same result if the nukes had been left behind – not many nuclear scientists in the native population. Really, all they had to do was hide the keys…

    • LOL: Listener, Bite Moi
    • Replies: @Bite Moi
  44. chuckles says:

    This is pure Cargo Cult thinking.

    “It is only a recession if [experts] say it is!”

    “Those [experts] are white, so [they] are wrong!”

    “Our {non-white} [experts] say there is no recession!”

    “Their [experts] are aggressing against our {non-white} [experts]”

    “We can make rifles out of bamboo, planes out of logs, and radios out of coconuts!”

    “Bring us moar bennies!”

    Then the rest of us get a Great Depression…

    Such fun.

  45. Bite Moi says:
    @Raccoon

    Raccoon——-“Really,all they had to do was hide they keys..” Oh YEAH !!! That comment about a black South African government getting ahold of the White Man’s nukes was George Carlin level funny. George always wrapped his comments around a nugget of truth.

  46. @Trevor

    They would have either been sold off to some hostile country/terrorist group like Iran/NK/Taliban, been used in some local disagreement, used as a threat to take over more territory, or crumbled and melted down from neglect of maintenance, leaving the surrounding areas irradiated and uninhabitable for the next 50,000 years or whatever the shelf life is for that stuff. Orcs can barely handle having access to fireworks or firearms, let alone nukes with even a 5 megaton payload.

    • Replies: @Bite Moi
  47. Bite Moi says:
    @Sick n' Tired

    Sick n’ Tired———You do have a point.One of the local orcs just blew off a thumb and index finger with a July 4th cherry bomb. Now he has a legitimate reason to hold a Glock sideways.

    • LOL: Female in FL
    • Replies: @Sick n' Tired
  48. @Bite Moi

    They were already blowing their fingers off a few days before the 4th in S. FL.

    https://wsvn.com/news/local/broward/mans-hand-blown-off-by-fireworks-in-lauderdale-lakes-fire-rescue-officials-remind-revelers-to-use-caution/

    Then of course the fact guns are like fireworks too. Notice the 2 teens they interview advising to point the gun at the ground when you’re firing it, instead of into the air. Bullets hit the fire chief’s truck while putting out a house fire caused by retards lighting fireworks.

    https://wsvn.com/news/local/firefighters-put-out-lauderhill-home-fire-caused-by-fireworks-celebratory-shots-hit-fire-rescue-vehicle/

    • LOL: Bite Moi
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