BUSH Recession or Depression?

[radfringe]

Definitions gleaned from Wikipedia:

In economics, the term recession generally describes the reduction of a country's gross domestic product (GDP) for at least two quarters, a fall in GDP of 10 per cent or more before a recession would be referred to as a depression.

In economics, a depression is a sustained, long downturn in one or more economies. It is more severe than a recession, which is seen as a normal downturn in the business cycle.

Considered a rare but extreme form of recession, a depression is characterized by abnormal increases in unemployment, restriction of credit, shrinking output and investment, numerous bankruptcies, reduced amounts of trade and commerce, as well as highly volatile relative currency value fluctuations, mostly devaluations. Price deflation or hyperinflation are also common elements of a depression.

regarding the GDP: US trade deficit drops 27% on plunging global trade
jan 15, 2009 - AFP
WASHINGTON (AFP) — The US trade deficit fell a hefty 28.7 percent in November to the lowest level in five years but the improvement comes amid a sharp contraction in global commerce, government data showed Tuesday.

The 40.4 billion dollar deficit in international trade in goods and services in the penultimate month of 2008 was much lower than the 51 billion dollars forecast by analysts, and followed a revised 56.7 billion dollars chalked up in October.

While the deficit decline is a positive for statistical measures of the US economy, it underscored the global slump stemming from financial turmoil triggered by the US home mortgage crisis, analysts said.

"The key message from this report is bad news -- It shows both export and import volumes contracting sharply as the global economy tumbles into recession," said IHS Global Insight chief US economist Nigel Gault.

The narrowing November trade gap resulted from exports of 142.8 billion dollars and imports of 183.2 billion dollars, with contraction in both exports and imports, the Commerce Department said.

The trade deficit was "the lowest since November 2003," it said.

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What do you think? Recession or Depression?

[zbdent]

1. yes

to both ...

actually, the Bush Depression started 12/12/2000 ...

[geckosfeet]

2. A year from now the MSM will being saying the US economy entered depression

in December 2008.