It's getting pretty scary when the stock market has dropped in half, we are adding trillions to the debt, Citibank is trading for a 1.00, and today we get the worst jobless number in 25 years, with little improvement expected in the near term.

 

 Here are the newest Jobless numbers. 

U.S. jobless rate hits 8.1 percent, highest since 1983

651,000 jobs lost in February; Dec, Jan revised deeper

4.4 million lost since recession began in December 2007

 

It seems nearly impossible to contemplate a scenario to where this recession will not be termed a depression.  Personally I already view it as a depression, though the definition for depression varies from source to source, essentially it is a relative term for a very severe recession, I'd classify this as such, as it is very doubtful the numbers will improve in the short term.