The Great Depression

“Our Generation has had no Great war, no Great Depression. Our war is spiritual. Our depression is our lives.”-Chuck Palahniuk quotes (American freelance Journalist, Satirist and Novelist. b.1961)

Whats the difference?

Recession? Depression? What's the difference?

A recession is when your neighbor loses his job.

A depression is when you lose your job.(about)

Although the above is a pretty funny it still doesn't clarify for me, what the difference between a recession and a depression is. A recession is said to be a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters, if your anything like me than that means absolutely nothing. So more simply a recession is a widespread decline in the GDP and employment and trade lasting from six months to a year. A depression is a severe economic downturn that lasts several years. With that being said, my real question is will this economic crisis be a brief recession, or is it in fact the beginning of a depression?

Who or What is to blame for this so called "recession" anyway? I guess the reason why no one is asking that is because its better to try and fix it rather than pointing the finger. However, I just would like to know, where did the economy go wrong exactly? Can we blame it on the Bush administration, the war, or the companies that are going over seas? I myself don't know who to blame it on, but the more I think about blaming is becoming less and less important. We need a plan, a plan to fix it. So my newly apposed question is, Will the Obama administration, with the help of supporting Americans, have what it takes to prevent a depression? What do you think. . .

An Economic Recession

recession

noun
1. the state of the economy declines; a widespread decline in the GDP and employment and trade lasting from six months to a year

Have you or anyone around you been negatively effected by whats happening with the global economy? If your answer to the previous question is NO, then I'll assume you've been on Mars for the last three months or more. Everyone, and I do mean everyone has been effected. Now the question I have to answer is what exactly is going on with the global economy? Many will say it's a recession, or just the beginning of what is yet to come, maybe even the Great Depression^2. However what is a recession? Is it just the definition I gave or is it more? I myself am not totally sure but that is one of the main purposes of my blog, to find out, to discover what millions around the world, exceeding the United States, are experiencing as a result of the current economic status. I know the basics, Billions of jobs have been lost and millions of dollars due to the crash of the stock market. Amongst all of the problems arousing from the economic crisis I would have to say that the thing that has really got my attention personally is the amount of families, and elderly people who have lost their homes due to the economy. Although this particular issue hasn't hit home for me, I'm sure it has for many of you. I personally don't know of anyone who it has officially happened to yet, but I do know many people who are afraid that they may be the next victim. However, other issues like the health care crisis have hit home for me. This past June my father got a job at Sigma Aldrich, after a year of unemployment. In September he was diagnosed with MS, deeming him unable to work. He lost his job and as of October 31,2008 his health care insurance expired. Since then my mother has been struggling to provide him with the medicine and physical therapy he needs, and she's even had to borrow money on more than one occasion. But, that's not my purpose, my purpose is to make sure those who are unaware become aware of the economic recession. Or to make those who have been effected by it, know that they too are not alone.