Not so fast. According to Peter Navarro we are heading into a long period of stagflation. I agree with that scenario - this is what we had in the 70's and there were opportunities to go long then as well.
As to Recession v. depression - If you get layed off - it is a recession, if I get layed off it is a depression. - Semantics
“Recession is when your neighbor loses his job. Depression is when you lose yours. And recovery is when Jimmy Carter Joe Biden loses his.”
― Ronald Reagan