Indeed, the first major American economic crisis, the Panic of 1819, was described by then-president James Monroe as "a depression", and the most recent economic crisis, the Depression of 1920–21, had been referred to as a "depression" by then-president Calvin Coolidge.
De feito, a primeira gran crise estadounidense, o pánico de 1819, foi descrita polo presidente James Monroe como "unha depresión", e na última crises anterior á Gran Depresión, a depresión de 1920–21, recibiu ese nome de "depresión" polo daquelas presidente Calvin Coolidge.