Over at Bloomberg.com Noriel Roubini, kindly nicknamed Dr. Doom for his tendancy to make pessimistic (but often accurate) economic forecasts, predicts that it is only going to get worse before it gets better:
Unfortunately, the worst is ahead of us. The entire global economy will contract in a severe and protracted U-shaped global recession that started a year ago. The U.S. will certainly experience its worst recession in decades, a deep and protracted contraction lasting at least through the end of 2009. Even in 2010 the economic recovery may be so weak — 1 percent growth or so — that it will feel terrible even if the recession is technically over.