What is a Recession?

I think this Q&A from the Wall Street Journal will tell you the basics of what to expect if we are in a recession. It's a scary word, although the definition kind of takes the fangs off it.

Interestingly enough, even if we are in a recession, no one would be able to tell us yet. The people who push the button on that call look back on recessions instead of predict them or call them in the air.

So are you going to wait until someone says we are in a recession, and all that involves, to curb spending or are you going to do that regardless of what description bankers give the economy?