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CBO: The abbreviation of Congressional Budget Office, which is a Congressional agency that provides Congress with information needed for various economic and budget decisions. Established in 1974, the CBO is responsible for providing Congress with objective, timely, nonpartisan analyses used for economic and budget decisions. A key task is to generate information and estimates required for the Congressional budget process. The Presidential counterpart of the CBO is the Office of Management and Budget (OMB). And unlike the OMB, every attempt is made to ensure that the CBO is nonpartisan and objective. It does not recommend policies, but only presents alternatives.
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RECESSION A phase of the business cycle characterized by a general period of declining economic activity. A recession is one of two basic business cycle phases. The other is expansion. The transition from recession to expansion is termed a trough and the transition from expansion to recession is termed a peak. The technical term for recession, which is generally used by economists and policy makers, is contraction.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for gnomes hiding in cypress trees.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Most battles are won before they are ever fought." -- General George Patton
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JGB
Japanese Government Bond
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