reccesion or depression

what is the differnce between reccesion and depression?
The T.V. news channels call it reccesion and I hear depression. what is the difference?

doesnt anyone know?

reply to post by crazyjames65


A recession is when your neighbor is out of work. A depression is one you are out of work. (That was taken from Ronald Reagan.)

Actually, a depression is a deeper and longer version of a recession. A recession rarely lasts a year, while the Great Depression lasted about 14 years. We are definitely in a recession, but it is still hard to say if we are in a depression yet.

There really isnt any difference, its just a label difference, one doesnt sound as bad as the other, tho both point to the same conclusion...the economy is trashed.

Putting lipstick on the pig doesnt change the fact that it is still a pig.



Cheers!!!!

[edit on 22-1-2009 by RFBurns]

reply to post by crazyjames65


This might help...

economics.about.com...

I feel that this is a recession not a depression however if things keep sliding into the red it may become a depression.

Kind of a depressing thread I think

And, every depression starts with a recession. So it's always exciting what happens next .

When you have people driving all the country and lining up hundreds of people for 10 jobs, you are in a depression.

When your extended large family is all living under one roof, and it is a common thing, you are in a depression.

I heard somewhere that back during the great depression they didn't even have the word recession. So according to terminology in the early 1900s, we are in a depression.

reply to post by amatrine


It must be a depression in the UK then

Fifty jobseekers chasing every vacancy in some parts of the country

According to Tory research, in 81 constituencies, there are more than ten jobseekers for every vacancy.

Hackney North & Stoke Newington in north London was the seat with the highest ratio of jobseekers to job vacancies. There were 3,161 people claiming Jobseekers Allowance in the constituency, and only 65 vacancies.

In Kingston upon Hull North there were 3,710 Jobseekers compared to 82 vacancies.

and

Three generations under one roof: The family that saves together

As the credit crunch bites, the extended family is making a comeback. Graham Norwood meets three generations enjoying life under one roof