The "Great Recession" is officially over - for now at least. By definition, a recession is when certain economic indicators decline for a set period of time. That decline, in those (but not other) indicators is over for now; but recovery has yet to arrive.
By definition, a "depression" is the trough between a recession and a recovery. Since the recession is (officially) over, and the recovery is nowhere in sight, that means that the depression is (officially) on, as of now.
You may recall that, about eight decades ago, there was another depression, called the "Great Depression". It had been preceded by a war, at the time called the "Great War". However that conflict was followed by an even greater war, called "World War Two"; so the "Great War" was retroactively renamed "World War One".
Given this precedent, I propose that we retroactively relabel the "Great Depression" as "World Depression One"; so that we may call our present economic slump "World Depression Two".
World Depression 1 was ended by World War 2; but we cannot end World Depression 2 with a "World War 3", for that would not improve the economy or anything else. But perhaps, instead of a World War 3, we will see a "Great Revolt". It has already started in the Arab world, and it may be spreading to Wall Street.
I mention this possibility, not as any fan of revolts - too risky - but as an even lesser fan of world wars.