FROM CNN's Jack Cafferty:
Some of the sharper financial minds out there think the worst recession in decades may be ending soon. Economist Nouriel Roubini says: "There is now potentially light at the end of the tunnel." He thinks the recession will end at the end of the year.
He's worth listening to. He predicted the financial crisis. But his prediction isn't all rosy. He says there's a chance the economy will start to recover - only to drop back into a recession by late 2010 or 2011 because of growing government debt - among other things.
Former Federal Reserve Chairman Alan Greenspan says he's pretty sure we've seen the bottom; and that economic growth may even pick up at a faster rate than what experts are predicting. But, Greenspan warns that recovery depends a lot on the housing market - which could possibly take another downward turn.
Other positive signs include recent reports on improving home and auto sales along with GDP numbers that show the economy shrank much less in the second quarter.
President Obama has credited the economic stimulus package for helping get things back on track. He says it helped "put the brakes on recession," and that he's optimistic about the economy, although there's still "a lot more work to do."
One of the biggest areas of concern is unemployment. Treasury Secretary Tim Geithner says even as the economy on the whole improves - the unemployment rate may not peak until the second half of next year.
Here’s my question to you: How will you know when the recession ends?
Interested to know which ones made it on air?
Gary from Scottsdale, Arizona writes:
It will be in steps: First, my youngest son will buy his first house after much searching. Second, my oldest son will buy a new car for the first time. Third, my middle son will take his family on a postponed vacation to Europe. And finally, I will take my wife back to the nearby Indian casino.
For me, when I get a job. It has been a year and a half, so I can't blame it on Obama. This recession started long before he came into office.
Cody from New Jersey writes:
When we finally stop asking this question.
Jeff from Houston writes:
When things get comfortable enough for Joe Six-Pack to forget the degree to which corporate America destroyed the American dream. Probably about the time the Republicans get back into office. Maybe we’ll get the government we deserve.
Maria from Brunswick, Maryland writes:
When I don't have to worry about having enough food to feed my dogs.
Michael from Pennsylvania writes:
When I can go to the grocery store and buy the food I want to, not what I can afford. Honestly, Jack, I'd really like a good steak or piece of fish but the prices the markets are charging are so ridiculous.
Bob from Woodland Park, Colorado writes:
It's like porn, Jack. You know it when you see it.
Iris from Saugatuck, Michigan writes:
You'll know the recession is over when the "Skinny Lady" sings. You remember the Skinny Lady, don't you, Jack? She used to be the Fat Lady before she was forced to tighten her belt during the recession.