Bob Rodriguez: "We are in a form of rolling depression"

What the Fed threw at the system was emergency stabilization. In light of these actions, the economy remains in a quite tenuous position. In fact, I've used a phrase with my former colleagues and friends – we are in a form of “rolling depression.” We're not in a recession. Most people don't know the difference between recession and depression, other than saying, "a depression is worse than a recession." A depression occurs when there is a structural shift downwards in the economy, and it stays near this lower level of economic activity for a prolonged period of time.

~ Bob Rodriguez, "Bob Rodriguez: We are in a Rolling Depression," by Robert Huebscher, Advisor Perspectives, September 7, 2020