Seems like old times are initiating depression (4)
I believe the answer is:
slot
'depression' is the definition.
(thesaurus)
'seems like old times are initiating' is the wordplay.
'are initiating' indicates taking the first letters (I've seen 'initiated' mean this).
The initial letters of 'seems like old times' is 'SLOT'.
(Other definitions for slot that I've seen before include "Opening for coin or TV programme" , "Hole for money" , "Fit into puzzle" , "Space for inserting coin" , "Long narrow aperture" .)