What, precisely, is a 'depression?'

Discussion in 'Economics' started by ByLoSellHi, Dec 11, 2008.

  1. gnome

    gnome

    According to John Williams of Shadow Stats... the current REAL unemployment rate is 16%.
     
    #11     Dec 11, 2008
  2. GTS

    GTS

    http://en.wikipedia.org/wiki/Depression_(economics)

     
    #12     Dec 11, 2008
  3. I've read somewhere that reaching >=10% unemployment rate marks the beginning of economic depression
     
    #13     Dec 11, 2008
  4. I imagine this is closer to the truth than any other.

    regards
    f9
     
    #14     Dec 11, 2008
  5. There seems to be an agreed-upon set of measurements that can be used to define "recession". I think the term "depression" is more of a lay term, rather than proper economical term.

    I recall an anecdote where a judge was asked what pornography was. He couldn't say with any precision what it was, but did comment, "I'd know it if I saw it."
     
    #15     Dec 11, 2008
  6. I'm aware, but I wasn't talking at all about the unemployment rate, here. That's what the depression was. Half of the population didn't have a job. This says nothing about the unemployment rate.
     
    #16     Dec 11, 2008
  7. Its very simple. A recession is when you lose your job. A depression is when I lose my job.
     
    #17     Dec 11, 2008
  8. Please, no Ronald Reagan quotes *gag* :cool:
     
    #18     Dec 11, 2008
  9. That is a the 30's measure. In today's world when 50% of the US population are employed in jobs funded by FED and Treasury loans that is a depression. All investment banks, US auto manufactures and soon to be aircraft manufacturers, home builders and states are heading in that direction.

    USSA here we come.
     
    #19     Dec 11, 2008
  10. TGregg

    TGregg

    I always figured we'd be the People's Republic of America.
     
    #20     Dec 11, 2008