Recession or depression? Too early to tell
Many differences between now and 1930s but some similarities, tooby John W Schoen
Senior producer, msnbc.com
banking system — the economy is in awful shape.
The nation's 11th recession of the postwar era began in December 2007 and easily could become the longest since the Great Depression, although most forecasters expect a weak recovery to begin in the second half of this year.
But what are the odds that we’re in the early stages of what will eventually become a depression rather than just a recession?
The answer starts with definitions. While the term "depression" is reserved for the most extreme economic collapses, there is no technical definition, say economists. [snip]
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