Actually, it is not even formally a recession yet. No official declaration has been made by the NBER (official definition in the U.S.) nor have there been two c

Actually, it is not even formally a recession yet. No official declaration has been made by the NBER (official definition in the U.S.) nor have there been two consecutive quarters of contracting GDP (the traditional rule of thumb). See: http://en.wikipedia.org/wiki/Recession#2008_recession_in_some_countries http://en.wikipedia.org/wiki/Recession#2008_recession_in_som... According to Intrade there is even a 20% chance or so that we avoid recession entirely for the next couple quarters.