In November 2008, consumer prices fell to their lowest in 76 years. Will the Bush Depression be worse than the Great Depression?

1932 is considered the bottom point of the Great Depression:

Though the U.S. economy had gone into depression six months earlier, the Great Depression may be said to have begun with a catastrophic collapse of stock-market prices on the New York Stock Exchange in October 1929. During the next three years stock prices in the United States continued to fall, until by late 1932 they had dropped to only about 20 percent of their value in 1929…The failure of so many banks, combined with a general and nationwide loss of confidence in the economy, led to much-reduced levels of spending and demand and hence of production, thus aggravating the downward spiral. The result was drastically falling output and drastically rising unemployment; by 1932, U.S. manufacturing output had fallen to 54 percent of its 1929 level, and unemployment had risen to between 12 and 15 million workers, or 25-30 percent of the work force.

Have we reached the bottom of this economic depression or is the worse still to come?  Mike Schenk, an economist for Credit Union National Association, expressed his economic concerns, “This is scary stuff.  We are teetering on the brink of a massive downward spiral. Deflation is a threat.”

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