A Depression doesn't have to be Great — bread lines, rampant unemployment, a wipeout in the stock market. The economy can sink into a milder depression, the kind spelled with a lowercase "d."
And it may be happening now.
The trouble is, unlike recessions, which are easy to define, there are no firm rules for what makes a depression. Everyone at least seems to agree there hasn't been one since the epic hardship of the 1930s.
But with each new hard-times headline, most recently an alarming economic contraction of 6.2 percent in the fourth quarter, it seems more likely that the next depression is on its way.
"We're probably in a depression now. But it's not going to be acknowledged until years go by. Because you have to see it behind you," said Peter Morici, a business professor at the University of Maryland.
Read the rest here.
Square root day is held on the date that both the day and the month are both a square root of the last two digits of the year; so this year it’s March 3rd, 2009 (3/3/09). Celebrating is easy. Just do everything in squares, but remember to get you fill because the next time you can celebrate is April 4th 2016.
1. It could pay off the combined national debts of China, Australia, Mexico and Ukraine, according to 2008 estimates by the CIA Factbook, and still have plenty left over for a good night out. 