More Accurate than "Recession"

"We're certainly in the midst of a once-in-a-lifetime set of economic conditions. The perspective I would bring is not one of recession. Rather, the economy is resetting to lower level of business and consumer spending based largely on the reduced leverage in economy,"
-Steve Ballmer, Microsoft CEO

I believe that Mr. Ballmer is more willing than our average economist to call a spade a spade.