It's a recession when your neighbor loses his job; it's a depression when you lose yours.
Sentiment: NEGATIVE
Recession is when a neighbor loses his job. Depression is when you lose yours.
You know, my Grandpop Finnegan used to have an expression: he used to say, 'Joey, the guy in Olyphant's out of work, it's an economic slowdown. When your brother-in-law's out of work, it's a recession. When you're out of work, it's a depression.'
When we're unemployed, we're called lazy; when the whites are unemployed it's called a depression.
In my view, if you have one in 10 unemployed - something is wrong with the economy whether you call it recession or not.
There are always, of course, job losses of a cyclical nature in a recession.
A normal recession disrupts people's lives, but a long recession destroys them. You lose output, prosperity, family stability, self-esteem, and many other qualities on what looks to be a semi-permanent basis.
In a recession, people want to be told for two hours that everything is going to be OK. They want to escape from their humdrum or painful reality into a feel-good drama, or a love story that transcends their daily life.
The other thing is quality of life; if you have a place where you can go and have a picnic with your family, it doesn't matter if it's a recession or not, you can include that in your quality of life.
Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.
People don't walk away from their homes unless they can't make the payments. That's an indication that we are in a recession.
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