From the learned MacDoctor comes what looks to me like more wisdom on this ‘the recession is over' nonsense, than you'd see in an idiocy of economists ('idiocy” is the collective noun for economists, right?)

'Economists are bouncing up and down with glee saying that the recession is over. …One of the hallmarks of the depression was that people kept thinking it was all over – and then things took a turn for the worst again. I am no economist, as I have repeatedly said, but it does not seem to me that the amount of correction that has taken place so far is anywhere near as large as the amount of imbalance that needed to be corrected. This is purely a subjective gut feel, but this just feels like the eye of the storm brought to you courtesy of ‘Obama-nomics, Gordo-splurge and Ruddistribution'.”

Sounds about dead right to me and reminds me of a well-known cartoon from 1935 showing Prime Minister Forbes and Finance Minister Coates.
And remember, New Zealand was one who emerged first from the Great Depression.
The letter for this quarter is ‘W' as this describes the shape of the charts economists draw to show where things are going (and we're only at the bottom of the first trough).
You see, despite what you've heard, it's the recession itself in which recovery actually happens, or is supposed to; the time when losing propositions are reined in, the malinvestments liquidated, cost structures rationalised, and resources entrepreneurially redistributed to more profitable pastures.
But none of that can happen successfully when the ‘stimulunacy of Obama-nomics, Gordo-splurge and Ruddistribution' has been doing all it can to stop it happening.