Debt Deflation Defined

"Irving Fisher was a leading economist in the early 20th century. After being caught out during the Great Depression (he famously quipped, "Stock prices have reached what looks like a permanently high plateau." right before the bottom fell out), he did a lot of soul-searching and research to understand where he and his profession had gone wrong. By 1933, he had come up with a framework which very well describes what happened during the depression and happens in similar episodes of credit crisis."