"Downturn"? ... "Recession"? ... "Depression"? ... "Market Correction"?
These resources will help you better understand today's economy:

Nobody is born understanding Economics. Most of those who teach Economics may understand how the Economy works, at least in a theoretical sense. Most of those who preach Economics (i.e., "economists") may understand a little better ... or may not.

If you own or manage a business, or are involved in the promotion or marketing thereof, a crash course in real-world Economics might be useful as you formulate strategies to steer your business through the challenges of today's volatile market (which some pundits are saying might remain volatile through the end of 2010, while other pundits are saying that we are already out of the "recession" and yet others are saying it may last another 10 years).

To that end, we have assembled this small but timely collection of economic resources to help you get past the "Gloom and Doom Prophets" and put things in proper perspective.

Enjoy!

1. Recession Overview:

How Recessions Work
by Tom Harris, University of North Carolina at Chapel Hill (article)
A quick and easy-to-understand overview that explains what recessions are, why they occur and the criteria economists use to identify them. (Includes a brief historical video that discusses the impact of the Great Depression.)

Deficits and Deceptions
by Steven William Rimmer, CEO of Alchemy Mindworks (essay)
In an entertaining satire of politics and finance in the fictional nation of "Fruitopia," Rimmer provides an incisive look at fiscal policies over the past half-century that have gotten us into today's financial mess plaguing the U.S., Canada, and most western nations.

History of the word "Recession"
by Chris Farrell, Economics Editor, Marketplace Money (3-minute instructional video)
In this American Public Media "Marketplace" video, Chris Farrell discusses the history of how governments and societies have described recessions. It's been called different things over time, but the effect is still the same - tough economic times.

2. Understanding the Real Estate "Crisis" of 2008:

The Subprime Mortgage Crisis
by Charles W. Bryant, Staff Writer, How Stuff Works (article)
Discussion of several types of subprime mortgages and their inherent risk factors that almost guarantee the inevitability of the epidemic of home foreclosures in recent years. In early October, the rate of nationwide residential foreclosures is now averaging 10,000 a day.

How Did the U.S. Get In Such a Financial Mess?
Reuters New York (3-minute news video)
Released in late September 2008, this video shows the timeline of events that have led to what some describe as the biggest financial crisis since the Great Depression. What began as a housing problem has mushroomed into an epic government bailout.

Real Estate/Mortgage Fraud: Facts, Figures and Closed Cases
IRS Criminal Investigation, September 2008
The folks at Fannie Mae and Freddie Mac aren't the only criminals in the mortgage industry. This article from the Internal Revenue Service Criminal Investigation Division discusses several types of mortgage fraud schemes, with summaries of recent cases.

Top 10 States With Highest Foreclosure Rate
Foreclosure Homes Information, August 22, 2008
One of a multitude of similar sites on the web providing foreclosure listings and a variety of fee-based services for bargain-hunters wishing to take advantage of another's misfortune. Does contain useful statistical information, however. NOT RECOMMENDED OTHERWISE.

3. Understanding the Timing of Market Cycles:

Business Cycle Expansions and Contractions
National Bureau of Economic Research
The National Bureau's Business Cycle Dating Committee maintains a chronology of the U.S. business cycle that identifies the dates of peaks and troughs that frame economic recession or expansion. Information included in the chart dates back to 1854.

The NBER's Recession Dating Procedure
National Bureau of Economic Research
Brief explanation of NBER's recession dating procedures, with explanatory graphs.
From the text: "Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades. ... The 2001 recession lasted eight months, which is somewhat less than the average duration of recessions since World War II. The postwar average, excluding the 2001 recession, is eleven months."