Wall Street to Fed: Cut rates now!

Now this may sound like a dumb question but, keep in mind I am no Economist and me and my money part quite quickly but, wasn't there a recession during/after 9/11?? and continued for a few years? or is this just a continuation of that?

Or is this something completely knew? Or, is it one of those things where no one is going to know until 10-15 years later?

Thanks!
Tevis

O and to the member who was asking questions about a "depression" I don't think we could have one. I mean technically we could but, I think there are limits and safety measures set in place to prevent a depression as powerful as the one that occured in the early 20th century.
Then again I could be completly off lol I hope someone corrects me if I'm wrong