"There's no way like the American way"

Recession is when a neighbor loses his job. Depression is when you lose yours.

Quote attributed
to Harry S. Truman / Ronald Reagan
Q&A: What is a recession?
A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP.

Investopedia Says:

Recession is a normal (albeit unpleasant) part of the business cycle. A recession generally lasts from six to 18 months. Interest rates usually fall in recessionary times to stimulate the economy by offering cheap rates at which to borrow money.
In The News > Global fears of a recession grow stronger
The crisis that began as a made-in-America subprime lending problem and radiated across the world is now circling. Indeed, the ripple effects from Europe and the United States were amplified as they spread to stock markets in Russia, Brazil, Indonesia and the Middle East. "It looks pretty ugly," said Simon Johnson, an economist at the MIT and a former chief economist of the IMF who specializes in financial crises. "Everybody is going to get caught up in this."

Related Link: UK economy 'already in recession'

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