The economy is formally in a recession, as the National Bureau of Economic Research and President Bush said last week. But the current crisis lacks a capital-letter name.
Then again, the Great Depression did not become “great” immediately, and World War I wasn’t known as No. 1 at the time. While the “economic crisis” — a term often used by journalists — has also been called the “credit crunch” and the “Wall Street crisis,” it remains the rare major news event without a defining logo, one that crystallizes attention and acts as shorthand for reporters.
— Larry, Attack Monkey, Light Reading