On Recessions and Depressions

[murstein]

The question I had answered claimed that the government had lied for a year over whether we were in a depression, and looked for bets on how long it'll be before they admit we're in a depression. Here's my reply:

Actually, using the most common definition of recession, it couldn't be proven we were in one until the end of January.
The most common

Comments

[luke_jaywalker]

"Only the psychology [supports the conclusion that we're in a depression.]" But there's a reason that, until the early twentieth-century (1929?) these things were known not as 'depressions' or 'recessions', but as 'panics.'