How about--for the moment, at least--ditching all the old terms like inflation, recession, depression and the like, and looking at a larger picture? An successful economy, ultimately, is one that achieves a balance between what it exports and what it imports. The US has been losing manufacturing, fishing and a lot of farming; our exports are becoming more heavily tipped towards raw materials (which won't last forever) and away from manufactured products (which add value to the raw materials they consume).
    I find it very difficult to feel that this is a healthy direction--regardless of how the Dow is doing. A country really can't survive solely by providing services to its own population.