Recession Or Depression?

We're in a nasty recession with the potential for Depression 2.0. Can we get out of it before it turns into a Depression? I'm not confident for that. But I'm sure things'll turn around someday. Just not sure how our new reality will look by then. It promises to be interesting, at least. And to the last question: both.

We are in a nasty recession and could dig our way out of it without hitting a depression. But if our leadership keeps throwing good money after bad, keeps up the spending spree, and generally has no rhyme or reason to what they do...well, it'll be a depression by next year. They need to get their act together, stop pushing lofty agendas and simply focus on fixing this first before getting us further into the hole. They lament consumer overspending got us into this... well, government over-over-over-spending is not getting us out of this but further down. Lets just say, if China gets its way and there'll be another type of currency/currency pot to peg to instead of the dollar, we are in deep !@#$, because everybody will start dumping the US dollar and won't loan as anything. If our leadership doesn't get off their high horse soon, well, we'll all have to pay big time.

i think we are still in the recession stage...according to my macroeconomics instructor there is five stages of the business cycle of economics first would be growth, second would be peak(wherein development reach its maximum), third would be recession where in starts to move down, fourth is the depression level wherein it cannot move downward anymore reaching the lowest level and the last one would be recovery....i think we are still in the phase of recession since stimulus packages that were release was a strategy so that the economy will not reach its depression...i think we can get out in this mess if we the bright and intelligent economics will work on the fiscal policies and monetary policies...sharpening this edges making it more vibrant....