Depressions are created by Keynesian interventions as such interventions interfere with the market finding equilibrium. Bubbles are unable to deflate and prices become dependent on government pumping. The market stalls.
It happened in 1937 after six years of Keynes. It has happened in Japan, No ir is happening again in the US.
Now there is ObamaTax....
Rep. Henry Waxman (D-CA):
“The economy has not recovered… I think it’s a depression.”