If credit is harder to come

[an]

If credit is harder to come by for businesses and there is price effects in commodities due to expansion of the currency, then why wouldn’t there be a recession??
Here’s your answer: http://en.wikipedia.org/wiki/Stagflation

Since you haven’t provided data to prove that the bond market and the fed raising rates in the face of recession/depression, here’s a couple of links for you to chew on:
http://en.wikipedia.org/wiki/Recessions
http://en.wikipedia.org/wiki/Federal_funds_rate

Based on government data, we have the follow recession in the past:
* January-July 1980: 6 months chart (worst quarter GDP Growth -7.8% spreadsheet)
* July 1981-November 1982: 16 months chart (worst quarter GDP Growth -6.4%)

* July 1990-March 1991: 8 months chart (worst quarter GDP Growth -3.0%)
* March 2001-November 2001: 8 months chart (worst quarter GDP Growth -1.4%)

The Fed responded with these:

* July 13, 1990-September 4, 1992: 8.00% to 3.00% (Includes 1990-1991 recession) rate drop chart rate rise chart
* February 1, 1995-November 17, 1998: 6.00 – 4.75 rate drop chart1 rate drop chart2 rate rise chart
* May 16, 2000-June 25, 2003: 6.50- 1.00 (Includes 2001 recession) rate drop chart1 rate drop chart2 rate rise chart
* June 29, 2006- (Mar. 18 2008): 5.25-2.25 rate drop chart

I guess Wiki and history doesn’t know what they’re talking about either.