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> The reckoning is clearly coming on this industry (daily deals / group buying).

With more folks predicting recession (eg http://www.channelregister.co.uk/2011/10/18/gartner_recessio...), I doubt it will be just this industry.

I thought we were still in a recession.

The U.S. recession that began in December 2007 ended in June 2009, officially.

A recession has a well-known definition.