Recession or Depression?

I'm glad that this week the announcement came down that we are in a recession. That said, it's about a year late. The question now is-are we in a "recession" or a depression? It may just be me but if the financial downturn and job loss continues in to 2009 won't that constitute a depression? By no means do I personally think this will resemble the Great Depression of 1929 but I can't help but wonder.

On my way home for Thanksgiving last week I noticed significantly more homeless in Penn Station. It really breaks my heart. I've noticed fewer people on the bus and fewer people in my apartment building. None of us are immune or safe this time and unfortunately I can only imagine this is going to worsen before it corrects its self.

It's amazing and I'd like to place the blame entirely on Bush but I know it's completely his fault (though I think a majority of it is). I guess that is the price you pay for putting a reckless dumbass in a position of extreme power. I understand not saying the word recession out loud because it shakes the already unstable consumer confidence, thereby effecting the market...however a year after the fact I'm not even sure it's relevant. Did people wince or laugh when they heard that announcement?