From a Jan. 11 posting at Poynter.org:

There seems to be a growing agreement among economists and bankers that we may already be in a recession and that if we are not, we will be soon. Journalists would do well to ask: What does a "recession" mean? Are recessions normal? Who decides if we are in a recession? And, how do we get out of a recession? What is the difference between a recession and a depression?

Recessions are a normal part of the economy

As the old saying goes, what goes up must come down. Economies expand and contract. It is part of the normal economic cycle. The U.S. economy has gone through several recessions. Most are short-lived and are followed by a new growth spurt. At the moment, economists predict the recession of 2008 will be fairly short. For some, however, it will not be painless. Long and deep recessions are called depressions. (More on that later.)