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When does a recession officially become a depression? Does it have to do with the unemployment rate?

I don't know the EC (economically correct) answers to those questions.

But according to mainstream media it would be whatever Obama says it is.

I think it has to do with how many consectutive down quarters that we have, also combined with other factors including unemployment and etc. But I also agree with Jaxon,

SEEK YE FIRST OBAMA!

When does depression become obsession? When a bunch of Conservatives get sick of the topic and start complaining how obsessed everyone is with it! :ursofunny

I think there are enough people here who take a certain gleeful delight in proclaiming that the END is here. :)

Quote:

Originally Posted by RandyWayne (Post 700402)

I think there are enough people here who take a certain gleeful delight in proclaiming that the END is here. :)

My next alter ego is going to be chicken little :ursofunny

Quote:

Originally Posted by mizpeh (Post 700395)

When does a recession officially become a depression? Does it have to do with the unemployment rate?

It officially becomes a depression when the doctor prescribes prozac. :ursofunny

Quote:

Originally Posted by ILG (Post 700451)

It officially becomes a depression when the doctor prescribes prozac. :ursofunny

I think your radiator cat is depressed!!:nah

It becomes a "Depression" after we've come through it.

We will look back and wonder and discuss these crazy times.

Quote:

Originally Posted by Praxeas (Post 700400)

When does depression become obsession? When a bunch of Conservatives get sick of the topic and start complaining how obsessed everyone is with it! :ursofunny

It is funny how when more and more people lose their jobs and more and more major companies close their doors while the price of basic living continues to rise and rise that people just keep on complaining and being obsessed with the subject.

People should use their new found extra time to talk about how good things are getting.

Quote:

Originally Posted by Digging4Truth (Post 700455)

After reading these clever, insightful responses, I thought to myself "WHAT WAS I THINKING?":foottap

And then I googled for a definition!:shocked:

Depression
Before the Great Depression of the 1930s any downturn in economic activity was referred to as a depression. The term recession was developed in this period to differentiate periods like the 1930s from smaller economic declines that occurred in 1910 and 1913. This leads to the simple definition of a depression as a recession that lasts longer and has a larger decline in business activity.

The Difference
So how can we tell the difference between a recession and a depression? A good rule of thumb for determining the difference between a recession and a depression is to look at the changes in GNP. A depression is any economic downturn where real GDP declines by more than 10 percent. A recession is an economic downturn that is less severe.
By this yardstick, the last depression in the United States was from May 1937 to June 1938, where real GDP declined by 18.2 percent. If we use this method then the Great Depression of the 1930s can be seen as two separate events: an incredibly severe depression lasting from August 1929 to March 1933 where real GDP declined by almost 33 percent, a period of recovery, then another less severe depression of 1937-38. The United States hasn’t had anything even close to a depression in the post-war period. The worst recession in the last 60 years was from November 1973 to March 1975, where real GDP fell by 4.9 percent. Countries such as Finland and Indonesia have suffered depressions in recent memory using this definition.

Now you should be able to determine the difference between a recession and a depression without resorting to the poor humor of the dismal scientists.

http://economics.about.com/cs/busine...ressions_2.htm

So does anyone know how much the GDP has fallen recently?

Quote:

Originally Posted by *AQuietPlace* (Post 700619)

So does anyone know how much the GDP has fallen recently?

As of January 30th.... 3.8%

http://www.latimes.com/business/la-f...,4565464.story

Quote:

Originally Posted by Digging4Truth (Post 700623)

As of January 30th.... 3.8%

http://www.latimes.com/business/la-f...,4565464.story

Well that puts things in perspective somewhat.

Quote:

Originally Posted by mizpeh (Post 700395)

When does a recession officially become a depression? Does it have to do with the unemployment rate?

A recession is when you lose your job.
A depression is when I lose my mine. :ursofunny

Quote:

Originally Posted by RevDWW (Post 700630)

A recession is when you lose your job.
A depression is when I lose my mine. :ursofunny

That is pretty much the case there bro...

It is unfortunate.... but that is pretty much the case.

Seriously, is a sharp decline the only indicator that a nation is in a depression?

My gut (and much of what I observe) tells me it's going to get a lot worse before it gets better.

Quote:

Originally Posted by RevDWW (Post 700639)

Seriously, is a sharp decline the only indicator that a nation is in a depression?

My gut (and much of what I observe) tells me it's going to get a lot worse before it gets better.

Sounds like your gut is on the money.

Quote:

Originally Posted by RandyWayne (Post 700402)

I think there are enough people here who take a certain gleeful delight in proclaiming that the END is here. :)

As far me, I would much rather just stick my head in the sand and deny everything while the doomers and gloomers run around pulling their money out of stocks and bonds, converting to gold and silver, paying off credit card debts, etc., etc.. Silly them. Such fools. It's just so much more comfortable with my head in the sand denying everything.

Wake me up in the morning.

Quote:

Originally Posted by RevDWW (Post 700639)

Seriously, is a sharp decline the only indicator that a nation is in a depression?

My gut (and much of what I observe) tells me it's going to get a lot worse before it gets better.

Yeah, I've never seen anything quite like this....

Quote:

Stocks pushed higher on Friday on hopes for a new plan to stabilize the banking system and the expectation that an economic stimulus plan will win congressional approval.

The market's performance came despite the biggest drop in payrolls in 34 years and was led by gains in financial, technology, telecom and metals stocks.

The government said the economy shed some 598,000 jobs in January, far more than expected. That national unemployment rate hit 7.6%, up from 7.2% in December and the highest rate in 16 years.

Yep, things are just peachy.

We are now in our fifth quarter of steep recession. Congress is working on a complete economic bailout after they already bailed out the banking industry and the auto industry.

Yep, juuuuuuussssttt peachy.

Get real, people.

Next up? Runaway inflation is coming to a shopping center near you say......oh.......somwhere toward the end of '09 beginning of '10.

Quote:

Originally Posted by Edward Anglin (Post 700778)

Yep, things are just peachy.

We are now in our fifth quarter of steep recession. Congress is working on a complete economic bailout after they already bailed out the banking industry and the auto industry.

Yep, juuuuuuussssttt peachy.

Get real, people.

Next up? Runaway inflation is coming to a shopping center near you say......oh.......somwhere toward the end of '09 beginning of '10.

Is that prediction from the German online economist?

The current conglomeration of morons in Washington are no going to stimulate the economy into prosperity. Prosperity IS NOT just around the corner. Wake up folks. There is a difference in being realistic (some would label us gloom and doom) and those that listen to the band playing on deck as the Titanic slowly slides beneath the waves. OUR NATION AND IT"S ECONOMY ARE IN DEEP TROUBLE!!!

Some say "The Lord will take care of me." He will. Maybe He's taking care of you by letting folks give a heads up on being prepared for the worst. Just like He helped the Church in Jerusalem sell there houses before the city was destroyed.

Get as much of your debt paid off as possible. Be prepared to feed your family. Start a "victory garden' . Several (non church) sources are talking a drought conditions in this Country and possible food shortages this year.

Hyper inflation and/or a devaluing of our currency is coming. The Fed can not just continue to print money and expect it to hold it'd worth. Be prepared to barter services or commodities.
To that end think about things people will find valuable. Salt and cooking oil are just two examples.

I am not an alarmist or a henny penny. Just an observer of the times!

Quote:

Originally Posted by *AQuietPlace* (Post 700619)

So does anyone know how much the GDP has fallen recently?

Gross Diaper Pail?