Depression?

[Briareos]

Um you want to call our economy a depression?

The GDP fell 33% from august 1929 to march 1933 and the closest we've come since then is 4.5% decline in the mid 70's

[Steven Grant]

You misunderstand. "You say recession, I say depression..." was a reference to pretty political euphemisms. The reason the Depression was called the Depression (and was only known as The Great Depression when it wouldn't stop) was because economists and politicians didn't want to panic the population by calling it a recession, since the country had been hit by several recessions since the Civil War and people were sensitive about it. The only difference between a recession and a depression is that there is no difference. That's what I meant. It's just political sleight of euphemism.

[Briareos]

Ok yeah I see what your saying. But we're not even in a recession anymore. GDP has been climing for the past year or so.

[NatGertler]

Ummm... Steven didn't say we were in a recession, either.