What's in a Name?
e-kvetcher points out in the comments of my previous post:
It's funny that the term "depression" was invented by Hoover to try to find a more uplifting term for what was happening in 1929...he points out that before calling it a depression they used to call it a bank panic. After the Great Depression, the government and the media stopped using the term depression and started using the term recession, since depression had a too negative connotation. This got me thinking what they will start calling it now. I don't think they will revert to calling our current situation a depression again, even if it goes on to equal the financial damage of the Great Depression. Instead, I imagine Obama and the media to begin referring to it a a global Boo Boo. The public has high hopes that the newly elected President will kiss it and make it all better. I have my doubts. We shall see.