What is a recession?
(see fascinating list of US recesssions)

Period of general economic decline, defined usually as a contraction in the GDP for six months (two consecutive quarters) or longer. Recessions are considered a normal part of a capitalist economy.

Effects of recessions
Bankruptcies
Banks lending less money
Deflation (or disinflation)
Foreclosures
Reduced sales (including guest rooms)
Stock market crash
Unemployment

On average, recessions last from 13 months to 2 years. If the current economic crisis is of the 2 year duration, then we are at the halfway point (December 2008). Think of it like the winter solstice -- the darkest of days that marks the beginning of the return of light.