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Drawing on recent theories of affect and affectivity, this essay argues that depression is an “affect” that connects the individual and the social. In particular, depression serves as both a response to, and a cause of, economic fears and uncertainties—a “quasi-cause” that opens up negative feelings into political potentials. In examination of two New York Times feature articles from the mid-1970s, the essay suggests that depression and economic crisis have been ineluctably linked in the recent period of neoliberalism.