Some pictorial guide as to the economic situation in the US.

Data Source: Haver Analytics
From here, we see the drastic increase in unemployment figures within 2 years.

Data Source: Haver Analytics

Real GDP growth is heading on the downtrend, approaching rates seen in 2001.

Data Source: Haver Analytics

Consumer confidence, a key indicator and driver for the economy, fell sharply since mid 2007. We can see some signs of basing formation using technical analysis, haha...potential technical rebound but too early to call for recovery...