Currently (and anecdotaly) I've noticed a slump in general mood of my city. This, the epidemic of diagnosed mental health issues and the political climate has made me wonder what the turning point of a global financial crisis is into a depression?
You might try cross-posting this over on /r/AskEconomics/
I'm more of an amateur economist than historian, and I can answer this as far as the field of economics goes.
In the field of economics "Recession" is a technical term while "Depression" isn't.
"Economic Recession" is defined in the field of economics as any two consecutive quarters in which GDP declines.
There is no similar criteria for depressions. It is a subjective term. The phrase "economic depression" goes back to the early 19th century (although terms such as "crisis" and "panic" were also used), but never with a technical meaning. "The Great Depression" is just the name that stuck for that downturn and doesn't reflect a technical label.
Further information on the naming of the Great Depression (I can provide sources for the rest if anyone's interested): http://historynewsnetwork.org/article/61931