Yes, it was a mental recession. Mental in the sense that it didn't exist. In fact, growth was pretty good at 3.3%. Yes, a lot of people are having financial difficulties. But our nation is still growing economically. We whined ourselves all the way to the bank. I can hear a voice faintly in the wind. It sounds like Phil Gramm. It's saying: "Suck it, crybaby. I was right."
On a more serious note, this isn't expected to last. There will probably be a slowdown in rate of growth. But that's coming from the same groupthink that thought we'd be well into recession by now.