Are we in recession or on the brink of recession?

I feel as if Recession is already going on and may be we could come out of it soon... What do you think? Are we in recession or on the brink of recession?

It's not a recession per se, as much as it is being on the brim of complete financial collapse. The administration is taking panic induced drastic steps to inflate our way out of trouble; lowering the fed funds rate by almost a full point in a day (unheard of!), an emergency tax rebate package, under the table guarantees for Bank of America's buyout of Country wide, etc.

These measures might buy time to heal the zero down ARM mess, but they will come at the expense of higher prices and stagnant wages across the board. This same formula resulted in the dreaded 'stagflation' of the late 70s.

I say we are in a recession, the government would never admit it. But once the Canadian Dollar became more than ours I knew our country was in trouble. And seriously its only going to get a lot worse