Deflationary Depression

The second definition of depression is: a period of time when the distortions and misallocations of capital in an economy are liquidated. Every administration for the last seventy years has been confronted with the choice of either propping up the economy to give the impression of more prosperity or allowing it to collapse and liquidate so things can restructure themselves. That, however, would cause bancrupcies, unemployment, and a lot of unpleasantness.