Recession, or Depression?

I heard some discussion on a TV news show this morning by 2 economists arguing whether we are in a recession of depression. Reminded me of the old saying: "It's a recession when your neighbor is out of work. It's a depression when you are out of work".

Brought to mind another saying about economists: "If you take all the world's economists and lay them end to end, they still won't reach a conclusion".

Thomas Carlyle, 19th century historian dubbed economics , the "DISMAL SCIENCE". Well put, Thomas.

Way back in the middle of the last century, I studied econ in college. Racked up about 15 units. Grim, really grim. Glad I didn't get into that line of work. Depressing, as in depression.

I don't know how close we are to the dividing line between recession and depression. Ask your out of work neighbor.