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It's a recession when your neighbor loses his job; it's a depression when you lose yours.
--
Quoted in The Observer 13 April 1958

 

Harry S. Truman

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Let it show on the record that when the American people cried out for economic help, Jimmy Carter took refuge behind a dictionary. Well, if it's a definition he wants, I'll give him one. A recession is when your neighbor loses his job. A depression is when you lose yours. And recovery is when Jimmy Carter loses his.

 

Ronald Reagan

 

Enough has been said abut the light-mindedness of the age; it is high time, I think, to say a little about its depression. And I hope that everything will turn out better. Or is not depression the defect of the age, is it not that which echoes even in its light-minded laughter; is it not depression that has robbed us of the courage to command, the courage to obey, the power to act, the confidence to hope? And now when the philosophers are doing everything to endow actuality with intensity, shall we not soon become stuffed so full that we choke on it. Everything is cut away but the present; no wonder, then, that one loses it in the constant anxiety about losing it. Either/Or II 24-25

 

Soren Aabye Kierkegaard

 

From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.

 

Ron Paul

 

"The recession is over." This phrase has been used twice a year since 1973 by government leaders throughout the West. Its meaning is unclear. See: Depression.

 

John Ralston Saul

 

What is it that is never changed even though everything is changed? It is love. And only that which never becomes something else is love, that which gives away everything and for that reason demands nothing, that which demands nothing and therefore has nothing to lose, that which blesses and blesses when it is cursed, that which loves its neighbor but whose enemy is also its neighbor, that which leaves revenge to the Lord because it takes comfort in the thought that he is even more merciful. p. 57

 

Soren Aabye Kierkegaard