I suppose the 'depression' definition would be molded from what has already been recognized as such, including the 1870s. No doubt the politricksters will have a field day in the media denying depression status, like they do with recessions...
Keep in mind we're still not in a recession yet. This will go down as the most anticipated recession in history if one does happen. Growth means no recession.
its worse today because of asset devaluation. The middle class american did not (really) benefit from the previous bull market. It was real estate managers along with wall street. So they will not be hurt too badly, unless these large plants (ie: auto) go out of business.
Bull n bear techcrunch, facebook, myspace, slide all thriving http://www.techcrunch.com/ no recession there
The inflation numbers were cooked. Thats for your own benefit, man. We've been in recession for the past 3 quarters. If not four.
ironically, when the dow was at 14,000 last halloween, can we say it was predicting 6 months into the future as a discounting mechanism? no. so it's probably the same now, not really pricing in accurately anything 6 months down the road. seems more like supply and demand (read hedge fund blow-ups) are running the show these days and all the margin clerks who hit the bid at 3 pm every day...
There is no conspiracy to cook the numbers. I dunno where people get this idea that that the government is hiding anything.
apparently the drop today in the last half hour was due to the "treasury auction" today being a total disaster. (http://market-ticker.denninger.net/) and that that could be a very BAD sign for america in general if our treasury auctions which fund our 2billion daily deficit start going bad say hello to DOW 2000 points lower instantly.