Menzie Chinn: What the Data Tell Us About the Shape of the Recession

A fine job of intellectual garbage collection by Menzie Chinn:

Econbrowser: The 10Q2 Advance GDP Release: Cautionary Notes from Revisions: The release was accompanied by an annual revision of data extending back to data for 2007Q1. This revision alters our understanding (or lack of understanding in the cases of certain people) of the evolution of this recession. Here are the points I gleaned.... First, it is generally unwise to make definitive statements such as Donald Luskin's...