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It seems like only yesterday economists came to the agreement that we are in fact in a recession. So, best to start arguing about whether or not we're in a depression as soon as possible. Or, perhaps, to just skip all that and walk directly to the nearest soup lines.

There are about as many definitions of the word "depression" (none of them good, by the way,) as there are opinions on the state of the economy.

The AP, for one, seems ready to apply the term--though it's reluctant to add an adjective. It cites an interview with Peter Morici, business professor at University of Maryland: "We're probably in a depression now," he concludes. "But it's not going to be acknowledged until years go by. Because you have to see it behind you."

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