it's been in disguise by government and media for 2 years now.
recessions are slight downturns that comprise of one to several maladies.
depressions are severe and systemic with no good cure.
forget the technical definitions.
we have a real 22% unemployment rate and will be getting worse. the cost of living in america is still too high until avg home price is under $120K (3:1 ratio of home price to salaries). so by some measures this is worse than the great depression. we just dont have soup lines to make it obvious when we get food stamps. GET IT???????????
Yet regrettably a complacent populace continues to put their misplaced trust in a government that serves up massaged economic indicators, green shoots, facimiles of "reform",and alleged stimuli. And the poulace buys into this fantasy and the fantasy that no matter how bad our situation becomes, our "leaders" will somehow save us. All hail the Savior State.