Are we in a depression or deep recession or a combination of both Repression/Decession???

The more I read every day about what is happening around us, the more I am convinced that the next few years is not going to be easy, for all of us. Those who are optimistic about the economy are being called delusional and may be rightly so, looking at all the data that is pouring in every day.

I was watching the CNN show Fareed Zakaria GPS last weekend, which is very interesting and is a must watch for me, whenever possible, in which there was an interview with a Financial Historian and Author of "The Ascent of Money" by name, Niall Ferguson. His opinion was that we now are teetering between Depression and a Deep, deep Recession ( Similar to Japan in the 90s) and said given the choice we would be better of with the latter. I could not agree more.

To confirm what is going on I stumbled upon an article in Minyanville.com, "Welcome to the Depression", by Bennet Sedacca, the link to which you will be taken, when you click on the title. It is depressing to read what is going on, but do we have a choice in this? We are all in the same boat or a Roller Coaster together and let us be ready for the ride of our lifetime!!!