What is the true difference between recession and depression?

There isnt a concrete difference. But I'd classify it as it lasts quite a bit longer than a recession, most recessions only last about a year, while the last depression we had lasted 10 years. It could also be measure the way people are feeling. Also higher unemployment, as of right now we have 7.2% in the US. Which is pretty low compared to past recessions where unem. hit 10%. A depression would have to go over that.

The way I understand it is a recession is when the value of the dollar drops which causes prices to rise and people to become economically unstable, a depression is when the dollar becomes worthless and people have to stand in lines to receive rations just to survive. ;-)

Length of time without GDP growth is the main difference. I couldn't find a concrete definition that gives a specific length of time required.