DISQUS

Blown Mortgage: What is the technical definition of “depression”?

  • Don · 1 year ago
    Technically, a depression occurs when the economy contracts 10%. In the early 30's, we contracted 30%, thus a Great Depression. This country has seen many depressions, but the one in the 30's was oviously the worst. I think we contracted 4 or 5% in the recession of '82 or '83.

    We'll be lucky if we don't go further than that this time.
  • CollateralDamage · 1 year ago
    technically, you're right. :D
  • Don · 1 year ago
    Um, you want to ADD those. It equals 29.3 percent. No we weren't in a "recession", we were in DEPRESSION.

    HELLO, S & P was off 89% from it's high and unemployment was somewhere between 25 and 33 percent.

    "So there really is no technical definition for a depression." Uh, yes there is, just like there is a techincal definition of a recession, which is two contiguous quarters of contracting GDP.

    Riduclous comment.
  • CollateralDamage · 1 year ago
    i think i wasn't clear in my comment. i was trying to say you were right and I agree with your point. it probably read like i was making fun of you. apologies.
  • Don · 1 year ago
    Collateral, I wasn't pointing the finger at you. Constantine didn't fully upload the article. He added more. You're cool, my finger pointing was at HIM!!!