Economy, recession or depression?

As much as people like to say that we're not in a recession, the fact is, we are. The Dow can only go below -1200 points until the government stops it. After yesterday's drop of more than 700 points, we're not too far. If things don't pick up, we could possibly end up in a depression. As the stock markets fail, the dollar lending gets slower and slower. In my opinion, we're headed for an economic downfall. There were MANY causes of the Great Depression. If you look at what caused the Great Depression, one of the causes was bank failures. Well, look at today's economy- banks are failing. We have yet to see the stock market crash like it did in 1929, but if it fall too far, will the government finally realize that we are in trouble?

I don't think we will go through a depression, but a sever recession may occur. I don't think we will ever see times as bad as the depression just due to the fact that our economy and resources are more world wide now.