Some have been arguing since March that we are in a recession. A recession is 2 straight quarters in a row of rising unemployment, prices, and several other factors.
http://www.boston.com/business/articles/2008/03/15/recession_is_here_economist_declares/
In which case, this is now actually a depression, more than 2 fiscal quarters of recession, and also because the stock market and banks have been failing since January of this year, which was the first of the government interventions.
Don’t be fooled by the ‘rally’ toward the end of the week-the market is still down 3,000 points since March, that is, 25% of its value.
