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[Clansgian AT wmconnect.com]

> >The term they did not want to use was "Panic". 

True, and don't forget the panic of 1907 as well, not as dramatic as the 
Panic of 1873 but likely more in the memory of folks in 1929.

But there had been a major recession in 1888, and also smaller recessions 
(two quarters of "negative growth") in 1904, 1908, 1912, 1914, 1918, 1921, 
1924, 
and 1927 and each of these was called a 'recession' at the time, simply 
sematically a receding growth of GNP.  

While of course you didn't want to use the term "panic", people were also 
spooked by the word 'recession'.   What looked like the mother and father of 
all 
recessions loomed, there was an attempt to disarm well leaned recession 
behavior by calling it a milder term, depression.  That term, of course, had 
taken 
on a much more sinister meaning.
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