Of course, deleveraging itself will consume profits and capital and weigh on economic activity for some time. We are still in a phase of disappointing growth dynamics of broad money, and loans to non-financial firms are only stabilising at weak levels. But it is important to deleverage in order to allow capital and labour to reallocate.
Schumpeter once told his students in a university lecture that a depression is for capitalism like a good, cold shower. I would not go as far as him, because the economic adjustment in a crisis is much more painful than a cold shower. But it is true that we must seize the opportunities that our current situation offers.