Recession? Depression?

Jim Shively holds a gold Krugerrand coin at his North Dallas shop Thursday. Gold futures hit $1,000 an ounce for the first time Thursday, pushed past the benchmark by the sinking dollar and record crude oil prices. (AP Photo/Donna McWilliam)

Oil over $111, gold over $1,000 an ounce, home foreclosures up 60%. They are debating if we are in are recession. How do we know if we skipped over that and went straight into a depression? I know I’m depressed every time I fill up/ Dan of the County .

Question: Are we in a recession? Are something worse?