I watched Face The Nation on TV this morning. The first subject the program handled was the 2008 presidential campaign. But I was interested in the second subject: the economy.
The expert the program had on said the US could be considered to be in a recession. The bad news is that things will get worse. The good news is that the US is now forging a common solution with other governments to fight the financial crisis since this is a world-wide crisis that needs a world-wide solution.
When the narrator asked the expert if we were in a depression the expert said, absolutely not.
I was reminded of this old adage: when your neighbor has no job it’s a recession. When you have no job it’s a depression.