UPI.com, 12 Jan 2009, MARTIN WALKER
VIENNA, Jan. 11 (UPI) -- This time last year, many economists were still debating whether the United States was entering or already experiencing a recession. That debate is over. The question now is whether we are entering a depression and how great or modest it will be.
There is no formal definition for a depression. Like pornography, we know it when we see it. But some economists suggest that a 10 percent drop in GDP would qualify. We are not there yet, but the momentum is ugly, because this is now a global problem.
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