depression

Since the first of the year the FDIC has been closing banks. They usually do it on Friday. Yesterday they closed 5 more.

Employers took 2,763 mass layoff actions in June that resulted in the separation of 279,231 workers 
Is now a good time to add more taxes? Many families are struggling to survive in this tough economy. Some people have guaranteed  income and do not care about the people struggling to stay afloat. Is now the time to pass a regresive sales tax.

 Since IndyMac 110 banks have failed. Representing 3000 bank offices.
FDIC says another 500 banks may fail.
We are around 10% unemployment.
When does a recession become a depression?