Emil, I rescind my earlier comment after listing to Eurodollar University Episode 44 Part 1 - after minute 14 (youtube) or so you and Jeff Snider go back to a depression definition and largely define it as the economy loosing its upside, continuing in a very unstable way sideways, etc. as per the definition per original Bureau of Statistics in late 19th century of an industrial depression being a prolonged serious change economic but also a mental and moral malady etc.