What is the difference between a deep recession and a depression?

Question

I think we are in a recession now in the us... is it going to get worse?

Answer 1

I am expecting a major collapse in the future. There is a mention of an economic event in the bible.It seems to say that money will be discarded as it becomes worthless. An event like the apocolypse would likely destroy the economy.

Answer 2

Whether we're in a recession or not is debatable.  Most recent financial news is actually pretty good, so if we are in a recession it's probably going to be very short lived.

The market's been going up steadily for the last 7 years (after the drop in 2001) so it's ripe for a correction.  Actually, the low points occurred late last year, so if you were smart you would've been buying up stock by now.

Even the mortgage crisis is nearly over.  It's still a great time to buy a house, but that may not last.

Think of slow points in the economy as opportunities.  That's what smart investors do.

We had a recession in 1999 that lasted longer than usual because of the 9/11 attack.  We also had a slight dip back in 1989 that hurt a lot of stock holders.

A depression is  much different.  It's not likely to happen again due to much better financial management.  The one from the 1930's lasted much longer than it should have because FDR didn't understand economics at all.  Unfortunately a lot of people suffered for his ignorance, but a repeat of that would not be very likely in today's market.