Lets just bail out the world (country, American, effects, quote)

sleepy jack · 01-28-2009, 11:21 PM

Quote:

Originally Posted by RezZ

There have been MANY recessions, but as I stated only a few depressions. (not interchangeable at all) When a recession is bad enough to effect the GDP and everyone's pocketbook severely it should be considered a depression.

There has only been one depression. A depression, by definition, is a very long economic downturn (an entire decade for instance.) We have only gone through this one that was the Great Depression. There has been no other economic depression in United States history.

Dr_Rez · 01-28-2009, 11:35 PM

Quote:

Originally Posted by sleepy jack

There has only been one depression. A depression, by definition, is a very long economic downturn (an entire decade for instance.) We have only gone through this one that was the Great Depression. There has been no other economic depression in United States history.

It is not a very long economic downturn. Its s SEVERAL years. You are just measuring it by the great depression. Also during that time the GDP must change severly, unemployment goes way down, wages go down, and economic output goes down.

sleepy jack · 01-28-2009, 11:43 PM

Quote:

Originally Posted by RezZ

It is not a very long economic downturn. Its s SEVERAL years. You are just measuring it by the great depression. Also during that time the GDP must change severly, unemployment goes way down, wages go down, and economic output goes down.

A depression by definition IS a long recession. Since a recession encapsulates all those things as well a depression does too (though they're escalated under a depression.) This isn't fucking debatable. The fact we've only had one depression (the great depression) isn't fucking debatable either.