Crossword Genius

Spend unwisely being depressed (4)

Ross

I believe the answer is:

blue

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'being depressed' is the definition.
(I've seen this before)

I cannot understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for blue that I've seen before include "Sea colour" , "Sad - shade" , "Colour; squander" , "Terrible commotion?" , "Conservative > depressed" .)

I've seen this clue in The Globe and Mail.
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