A question asked privately:
What is the difference between recession and depression?
Depression is an unusually severe or unusually long recession. Since 1854, an average recession lasted 17 months with a standard deviation of 12. The Great Depression of 1929-33, in contrast, lasted 43 months (so it was a two standard deviation event); the Great Depression of 1873-79, 65 months (that one was a four standard deviation event).
Business Cycle Expansions and Contractions: