Recessions are estimated to have started and stopped by a simple metric of growth and time. It is a useful metric but the definition doesn't have anything to do with overall prosperity, economic health, or fairness. Understand that and you will avoid a lot of confusion.

The plan, as far back as Reagan's advisors, was to bankrupt the nation and then use the claim of poverty to liquidate the poor and put the uppity middle class in their place. To deregulate, set capital free, and roll the clock back to the Guilded Age. Seen as the good-old-days before regulations, and labor got in the way. The theory is that during economic hardship the aristocracy will remain untouched in their gated community.

The situation is fairly well explained here:

http://www.youtube.com/watch?v=qNi1sevKNd0&feature=player_embedded