Is it just superstition keeping us from saying this is a depression

[tavalon]

or are there actual fact and figures that deny that we're in one?

[MrModerate]

1. While there's no one definition of "depression" among experts . . .

It's generally agreed we haven't gotten there yet. Here's an interesting discussion of defining "depression": http://economics.about.com/cs/businesscycles/a/depressions.htm

[eShirl]

2. how about, reluctance to cause panic?

a rose by any other name, yadda yadda

[tavalon]

4. People are panicking all over the nation. I have a stable job and I feel the edges of panic

Do you really think the word itself will panic people? I guess I don't like being lied to and I and so many knew we were in a recession months before our government admitted. Now, credit is stopped, spending is stopped, deflation is here, massive layoffs that will spin this out of control to who knows where.

Let's call it a rose then. Our rose is fully open and I wish it smelled as sweet.

In a weird way, it feels like I'll have a better handle on things if the people up above would just say the fucking word or even mention the possible deflation. Let us know what that means in the day to day.

[B o d i]

3. Have you seen this graph yet?

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4999561&mesg_id=4999561




It's bad luck to be superstitious, imho...

[tavalon]

5. Yeah, but it's comparing recessions to what?

Is this the Great Recession? I mean really, it's gearing up to act just like a depression, probably an insanely horrible depression but we only got told last month that we were in a recession though, here on DU we knew.

[surrealAmerican]

9. It's not a very helpful graph.

It's only comparing the current economy to the recessions of 1990 and 2001. Those were both relatively minor recessions; we've had worse without it being a depression.

[Golden Raisin]

6. I think if we get to the point

that many banks start closing and people literally cannot access their money and/or there are runs on banks and large amounts of what were once considered middle class people are waiting on breadlines or at soup kitchens then it will be called a depression. I'm not young anymore and it's as bad as I've ever seen it (home foreclosures, job losses, massive individual and national debt, "savings" (401Ks) that were invested in Market funds being slashed by as much as 2/3rds, major global banks having to be "bailed out") and getting worse by the minute but this is not (yet) what my parents told me about the 1930's.

[cornermouse]

7. Moyer's had an excellent show last night

with Jay Rosen and Glenn Greenwald that explains a lot. I've been wondering about the media's behavior on a lot of things but basically it boils down to the fact that they have an interest in preserving what they perceive as the status quo. If you want to take a look.

http://www.pbs.org/moyers/journal/02062009/profile.html

[HereSince1628]

8. The word recession was put to use after the 1930's to ease fears

That things would return to the 1930's

The invention of "recession" has given the term "depression" more weight than it's actually worth.

[H2O Man]

10. Common sense

strongly suggests that we are.

[surrealAmerican]

11. Part of the reason might be ...

... the lack of reliable measurements of the economy. We've gotten to the point that the measurements we do have, do more to hide the situation than to reveal it.