There’s an old joke that goes like this: “Professor, what’s the difference between a recession and a depression?” The professor responds, “A recession exists when you are out of work. A depression...

There’s an old joke that goes like this: “Professor, what’s the difference between a recession and a depression?” The professor responds, “A recession exists when you are out of work. A depression occurs when I am out of work.” Joking aside, what is the difference?