The Great Depression sounds rather foreboding, and, it was. The problem with naming It is that no one wants to invest It with more gravity than it deserves.
Yesterday I caught a glimpse of the new U.S. payroll loss numbers a bit ahead of schedule and some estimates were hovering close to 700,000 for December. Today the figures were released -- 524,000 which is better, but, one must add in the other 154,000 they backtracked and added onto previous October and November figures. And think of what will be tacked on in January to December's numbers. That probably brings us back close to the 700,000 figure. January is surely going to be worse.
Great Depression as a phrase is so terribly grave, it would be helpful to eliminate the depressing part of it. Did you know Roget invented the thesaurus to combat the severe depression he suffered throughout his life? Indeed, list-making was his therapy.
Get your pens and paper out and make a list of potential names for "It". You might feel better.