I went to a training today, where we had one of the most knowledgeable international economists come and shed some light of what to expect in this recession.
I learned the technical definition of "recession" means "two consecutive quarters of negative growth". He said that Warren Buffet commented that this recession will be deeper and longer than other recessions we have had.
He also said in this bear market recession, the hard hit will come in the second half of 2009, and the first half of 2010, where there will be a large peak in foreclosures. He said the dollar will continue to weaken, and there will be more spending, that the expected duration of this recession will last about 2 years.
But, then again it's all opinion...and different economists all have different opinions. We won't know what's going to go down until it goes down.