I'm not sure about Andrew, but Pete and I are old enough to remember Alfred Kahn, the economist who, during the Carter administration began to use "banana" instead of "depression" after the president reportedly was furious about Kahn's speaking the D-word in public.

We're coming up on the 30-year anniversary of this momentous event in the history of economic policymaking. Thanks to Carter and Kahn, a fruit became the name for the economic hardship people were concerned about or actually experiencing.

It was also 30 years ago that Carter was promoting a $50 per person tax rebate to help stimulate the economy.

Carter's $50/person plan was widley derided. I have a lasting memory of then Ways and Means Committee Chairman Dan Rostenkowski looking down at Council of Economic Advisors Chairman Charles Schultze from his seat at the Ways and Means Committee and asking in a very sarcastic tone what Schultze was planning to do with his $50. It was a simple question that immediately made the policy look silly.

Andrew Samwick, one of my bloggers-in-crime here at Capital Gains and Games, had an interesting post on Thursday about whether we're in a recession.

Andrew was speaking like an oustanding economist, which he is.  I can report that after spending most of the past week talking at conferences sponsored by two of the largest brokerage firms as well as doing separate meetings at several individual offices of a third, there is little doubt that the people on the ground have already concluded the downturn is real.

Wall Street constantly complains about how Washington incessantly debates issues instead of acting on them.  That's why its almost comical to watch the current situation as Wall Street continues to debate whether there is or will be a recession while Washington has already enacted legislation to deal with it.