Is this a recession, or what?

There is a lot of misinformation floating around out there about what exactly is a "recession."  Some bad managers will say ridiculous things like "our firm will not increase spending until the recession ends."  Well, if you follow that rule of thumb, you have to have a clear definition of what constitutes a recession.  As it turns out how we define a recession is a lot more complicated than what it first appears.  The "traditional definition" you may hear repeated in the press and by pundits is not really how we define a recession.  It's more complex than that.  So are we in a recession or what?  Well... 

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