Merrill Lynch’s chief economist for North America, David Rosenberg, writes in an economic commentary entitled “Some Inconvenient Truths” that we are probably already in a depression:
We are likely enduring a depression today
As for depressions, there is no official definition, except to say that they have existed in the past. There were no fewer than four in the nineteenth century, one in the twentieth century, and we are very likely enduring another one today.
As I have previously written, just like it took many months for the officials and talking heads to admit that we were in a recession – and in fact had been for a long time – it will take a while before the government admits that we are already in a depression.