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Hal, your teacher was wrong. Depression does not follow recession. They are variations on economic slowdowns. A recession generally means less money moving throughout the economy and moneyholders using their funds more conservatively. A depression is the actual contraction of money. That means that the moneyholders have less funds to use and is a very different problem. A recession CAN lead to a depression, but its not necessarily so.
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"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - B. Franklin
"There ought to be limits to freedom." - George W. Bush
"We have met the enemy and he is us." - Pogo
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