US Financial crisis: is it recession or depression?

[LivePsy]

In previous posts I've been cruel but fair about imported synth pricing rising in the US because of the US Dollar vs. Euro. But actually I'd always thought the financial crisis was far worse than most commentators predicted. Cash handouts to taxpayers, now cash handouts to major major financial instutions, and some of the biggest names in corporate history worthless or destroyed. This really is serious, is this recession or depression? Whatever it is, the difference this time around is that much of the world is not affected so badly. But I do feel sympathy for the US, its gonna hurt for some time.

Cheers,
B