A depression in store? When will we know?

This is certainly worth reading. Open minds agree that the answer won't be known for some time, but for those who embrace the logic of preparedness, the fact that another Great Depression is a very real possibility is reason for decisive action.

Recession or depression? Too early to tell

Many differences between now and 1930s but some similarities, too

by John W Schoen
Senior producer, msnbc.com

By every measure — lost jobs, plunging stock prices, scarce credit and a profound loss of confidence in the 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]

See the entire article.
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