we are already in a depression. Nobody will admit it untill we are out of it.
signs of a depression, from what i remember from first year, include: rise in entertainment/alchohol profits, fuel/grain shortages/price hikes, war, political turmoil and everybody thinks they know whats going on.
Depression is determined by how many quarters of downturn the economy has. We aren't anywhere near a depression.
edit: in the US.