Depression, Recession – Talk of the town

Sudden increase in unemployment, blackout of stock markets indicates the depression has begun and started hitting the economy badly. The crisis is worsening day by day and panic among the public allows it to reach the peak. But economists are of the view that depression is worse than recession as the latter can be clearly defined as the backlash of economy while the former hasn’t got a clear definition. And almost all the economists and financial counselors have now agreed that epic hardship of the 1930s is back again. But this time it would hit us worse since the population is huge and the financial structure is not too strong of many countries. Adding to these worries is terrorism. Terrorist wants to show their presence then and there causing more panic and increasing the instability of the people. All the governments are in a confused state whether which is worse depression or terrorism. But the governments are responsible to deal both these evils and stop them from growing.

Let me come back to our recession. No one disputes that the current economic downturn qualifies as a recession. Recessions have two handy definitions, both in effect now two straight quarters of economic contraction, or when the National Bureau of Economic Research makes the call.

So it’s all now left with the public to deal with these growing evils without panicking.