recession? depression?

[Javaman]

read this, then decide...

http://en.wikipedia.org/wiki/Panic_of_1873

[Phred42]

1. Helen Thomas - It's A Depression

http://seattlepi.nwsource.com/opinion/389882_helenonline29.html

[HereSince1628]

2. recession is simply a euphemism to keep from scaring people

during periods of economic contractions after 1929.

The word GREAT in front of depression actually is the operative modifier. And now we will be in the GREAT RECESSION, simply as a semantic ploy to distinguish it from its 1930's cousin.

[ProfessorGAC]

3. I Vote for Recession

However, by my statistically developed definition of recession (or recessionary behvaior to prevent the purists from arguing needlessly) we've been in a recession for 5 years and 8 months.

I read your cite, and i'm still not seeing the statistically significant similarity between a depression and now.

That's not painting a rosy picture. The economy is horrible but not depression horrible.
The Professor

[Javaman]

4. my point is, the concept of depression is very disengenuous...

like all financial crashes prior to 1929, they were called panics for a reason.

and I think that same term is apt now.

1929 was a panic based on an over inflated market based on margin buying, inside information and false values.

todays panic more closely resembles the panic of 1873 than any of the others that have occurred before or since.

trying to parse between recession and depression is a fools errand, we are in a panic, period.

[ProfessorGAC]

5. I'm Ok With That

By word definitions, i buy that. But, i've spent 30 years analyzing macroeconomic behavior from a purely mathematical perspective in an attempt to put meaning to these words that are more than subjective opinion.

So, my POV is different than the point of your post. But, i buy what you're saying.
GAC