A recession or a depression does not happen overnight. You do not go to sleep one night feeling affluent, and wake up the next day inexplicably impecunious. It takes time for the economy to get over inflated, reach a peak, and then begin the slide downwards. How far it slides, and for how long, dictates whether the down wave is called a downturn, recession or a depression.
The government is fond of using other euphemisms to stop the spread of panic. “Business contractions”, “periods of stagflation”, “credit crunch”, “extended seasonal slumps”, “market corrections” and “rolling adjustments” are all fine examples of political doublespeak that all mean pretty much the same thing to you and me.… Click here to continue reading this article