The Recession is Not Over. Not Even Close.

By Richard A. Posner

Economists' joke: A recession is when your neighbor loses his job; a depression is when you lose your job. The point of the joke is that neither "recession" nor "depression" is well defined and so the line between them is indistinct to the point of vanishing. (Economists like to joke about depressions and recessions because they are untouched by them, especially if they have tenure.) 


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http://www.theatlantic.com/business/archive/2009/08/the-recession-is-not-over-not-even-close/22605/