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While Warren Buffett concedes that the technical definition of a recession may not have been met yet, in an interview on CNBC (NYSE: GE) he said, "I would say, by any commonsense definition, we are in a recession."

The technical definition of a recession is two straight quarters of the gross domestic product in the US experiencing negative growth.

Last Thursday numbers from the Commerce Department showed that gross domestic product grew by a slow 0.6 percent for the quarter ending on December 31.

The idea of stagflation is also becoming part of the national and worldwide financial dialogue as well, with it appearing increasingly in financial news stories across the media. What that entails is prices continuing to rise while the economy stagnates.

I asked the question in the title of this post on whether it matters if we want to call this slowdown a recession or not, or if we want to rely on technical definitions to make us feel better.

All of us in business know that things are slowing down, no matter what we want to call it, and we need to plan and make decisions accordingly.

At the same time we need to shrug off the way media outlests attempt to stir up fear and uncertainty, and focus on what will lead us going ahead.

As Jimmy Rogers says in the video below, there's no need to be overly concerned and fearful of a recession, as historically it's appeared every 6 to 7 years. Why should it be any different this time around?

The reason why it's being reported the way it is by many news outlets is it's an election year in the U.S., and there's all sorts of agendas and reasons for keeping the fear of recession in the forefront of people's minds.

But as Rogers mentions, this has been part of the economic landscape in America for a long time, it's not unusual or unforeseen, and will continue on like this for years ahead.

So rather than be overly fearful and concerned because the media has to have something to report on (and this type of financial reporting sells), we need to respond in ways we always have in the past during tough times, and continue to do that which we know how to do best: serve our customers with great products, prices and service.

Calling the current situation a recession or not doesn't change any of that one bit.

Jim Rogers Interview On Bloomberg: talks recession being no big deal.

Reactions to potential US recession around the world

For the Fed, a Recession -- Not Inflation -- Poses Greater Threat
 

Two fears hang over the U.S. economy: wrenching recession and spiraling inflation.

Yet history suggests the two almost never happen at the same time. And that explains why the U.S. Federal Reserve, for now, has chosen to focus on the first threat rather than the second.

Fed officials believe that those who say it is courting a return of 1970s-style "stagflation" -- stagnant growth and inflation -- misinterpret the lessons of that decade. The bigger test of Fed Chairman Ben Bernanke's anti-inflation resolve may not be how much he cuts rates during a downturn, but how soon he raises them afterward.

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US recession fears send India stocks reeling

A distinct possibility of the American economy coming under serious recession sent stocks reeling in global markets today. At home, the Bombay Stock Exchange and the National Stock Exchange suffered more since Dalal Street traders are yet not satisfied with the Union finance minister’s explanation about how he proposed to compensate banks for the Rs 60,000 crore farm debt write-off.

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Fear rather than fundamentals drove down Australian market  

NERVOUS investors wiped off $38.5 billion, or almost 3%, from the value of listed stocks amid concerns about rising borrowing costs in Australia and growing evidence of a looming recession in the US.

The benchmark S&P/ASX 200 Index dropped 166.3 points, or 2.98%, to 5405.8.

Markets across Asia were pounded. Japan's Nikkei 225 dived 4.5%, Hong Kong's Hang Seng lost 3.1%, South Korea's Kospi fell 2.3% and the Jakarta Composite gave up 2.6%. Only the mainland Chinese markets were immune, the Shanghai SE Composite rising 2.1%.

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HK stocks slump taking cue from weak Wall Street

The Hong Kong bourse was also under pressure as investors waited for blue-chip heavyweights HSBC Holdings (0005) and Hang Seng Bank (0011) to announce their earnings results after the market closed.
 
The Hang Seng Index tumbled 746.7 points, or 3.07 percent, to close at 23,584.97. The Hang Seng China Enterprises Index plunged 3.53 percent, or 491.96 points, to 13,439.92. Turnover was HK$81.12 billion, compared to HK$80.15 billion on Friday. HSBC shares closed 1.2 percent lower at HK$119.30, after falling to HK$117.

Most Asian markets headed south, with Japan's Nikkei 225 plunging 4.49 percent - the day's worst performer in the region. Mainland shares, meanwhile, moved in the opposite direction as stocks rose on news that the stock market regulator approved three more equity-focused mutual funds.

The Shanghai Composite Index jumped 1.9 percent to 4,430.2.