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by CareyBot

Some people -- including financial wizard Warren Buffett -- think the United States is already in a recession. Technically, economists define a recession as two or more consecutive quarters of negative growth as measured by the gross domestic product (GDP). Commonly, however, recession is a term used to describe a period of general economic decline. The last commonly recognized recession in the U.S. occurred in 2000-2001 following the stock market crash of 2000. During that period, there were three quarters of nonconsecutive negative GDP growth. They occurred in the third quarter of 2000 and the first and third quarters of 2001. It wasn't until the third quarter of 2003 that GDP growth surpassed 3 percent. During this recessionary period, housing slowed a bit in 2000 and was...