A SIMPLE QUESTION.....

So, somebody tell me, what is the difference between a recession and a depression? Now, I already know a recession is when your neighbor loses his job and a depression is when you lose your job. But, what's the difference, really. I also know the PTB never say the D word. But, when we are in a recession, and things are not getting any better and in fact seem to be getting worse, when is it time to call it a depression? Where do the numbers have to be? You can't really compare this decade to the 20's and 30's. The USA was a lot different back then. Hey, I'm just asking...............

OK, so I googled it and here is what I got.........

The stock market crash of 1929 triggered the greatest depression in modern history that ended in 1945 after World War 2.In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession, which is seen by some economists as part of the modern business cycle.

Considered, by some economists, a rare and extreme form of recession, a depression is characterized by its length, by abnormally large increases in unemployment, falls in the availability of credit— often due to some kind of banking or financial crisis, shrinking output—as buyers dry up and suppliers cut back on production, and investment, large number of bankruptcies—including sovereign debt defaults, significantly reduced amounts of trade and commerce—especially international, as well as highly volatile relative currency value fluctuations—most often due to devaluations. Price deflation, financial crises and bank failures are also common elements of a depression that are not normally a part of a recession.