“Depressions marked by balance sheet compression”

“”"Recessions are typically characterized by inventory cycles – 80% of the decline in GDP is typically due to the de-stocking in the manufacturing sector. Traditional policy stimulus almost always works to absorb the excess by stimulating domestic demand. Depressions often are marked by balance sheet compression and deleveraging: debt elimination, asset liquidation and rising savings rates.”"

http://www.creditwritedowns.com/2009/02/what-is-an-economic-depression.html

provocative discussion on how many different definitions there are.

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