February 27, 2009, 9:00 am
Filed under: Ian

The meaning of the terms “recession” and “depression” are somewhat fuzzy, but one definition I’ve heard applied to the word “depression” is a recession that leasts to an overall decrease of 10% or more in GDP.  With that in mind, reports that the U.S. economy contracted by a massive 6.2% in just one quarter of 2008 are nothing less than terrifying.

UPDATE: I’ve been informed that the 6.2% contraction is measured at an annualized rate, meaning that the economy only declined at a pace which would cause it to shrink by 6.2% over the course of an entire year.  So that’s much less scary, but still enough to make my teeth chatter.


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Guessing from your title, can I assume you’re also following the saga of Admiral Obama & XO John McCain?

Comment by Ben Israel

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