Depressions often are marked by balance sheet compression and deleveraging: debt elimination, asset liquidation and rising savings rates.
SHOOT: I'm not sure we're in a real recovery right now. Are you?
This is what a modern-day depression looks like – a series of W’s where uneven economic growth is punctuated by fits of recession. A recession is merely a period of recalibration after businesses get ahead of themselves by overestimating consumption demand and are then forced to cut back by making staff redundant, paring back inventories and cutting capacity.