Is It Time to Name This Recession?

As evidenced by this chart from the betting site Intrade, the probability of Slumdog Millionaire winning the Oscar for Best Picture has risen over the past two months right along with the probability that 2009 will be a year of recession (i.e., two negative quarters of G.D.P.):

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This correlation isn’t meaningful in any way. Lots of things rise (or fall) in lockstep all the time without having anything to do with one another. Intrade sent this picture around just for kicks, pointing out the presence of “a feel-good movie for feel-bad markets.”

But it did get me to thinking. However you want to characterize this economic storm we’re living through — Gordon Brown “mistakenly” called it a depression while Richard Posner has called it a depression outright — the fact is that it doesn’t yet have a proper name, just as many historic events don’t have a name until long after the fact.

I am now wondering if “Slumdog,” a new word that has burst into public consciousness, shouldn’t be the name, or at least part of it. It’s got the requisite feel-bad connotations — slums, dogs, etc. Are we living through the Great Slumdog? The Slumdog Recession/Depression? The Day of the Slumdog?

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  1. jonathan feldman says:

    I don’t know know what to call it, but I think subprime, housing, mortgage, ARM, sprawl, foreclosure, Iraq, or keynes should be somewhere in the name.

    This will be worse than the depression because we go into this one with over $10,000,000,000,000 in debt, rather than a surplus.

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  2. aaron says:

    The Oil Producers Invested in Mortagage Backed Securities Instead of Infrastructure, Increased Capacity, and Maintenance Recession.

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  3. chip says:

    The Creative Class Recession

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  4. kevin says:

    I’m sorry, but if you talk to anyone who actually lived through the great depression, there is no way you would contend that this will be worse.

    Not even close.

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  5. Norm says:

    Depression II – Electric Bugaloo

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  6. joe says:

    “The Debt Derivatives Debacle”
    “The Great Credit Default Swindle”
    “The American Bankruptcy of 2010″

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  7. Isaac Willis says:

    The Not so Green Span

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  8. thecools, UK says:

    Robert Wade’s already named this one.

    The First World Debt Crisis

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