I think the title says it all. This recession is really picking up steam and we are likely to see an abysmal January after what is likely to be a terrible holiday shopping season.
BLS Report on Employment
Update: U-6 is now up to 12.5%. Unbelievable.
This recession may very well end up being the worst one since at least the 70's and quite possible the 1930's, at least in terms of duration. About the only saving grace to all this is that gas is likely to get back down closer to $1/gallon, which of course does little good if you don't have a job to drive to.
We are now seeing the effects of life in the world without credit and it isn't pretty. Credit is what has kept prices up for years (which is why deflation is an issue now) and is also what enabled Americans to dramatically increase their standard of living throughout the last 30 years or so (coupled with technology of course).
My greatest fear going forward is that any recovery will be essentially jobless, as businesses replace people with more technology during the recession and after, as it is much cheaper, more efficient, and more stable. Our undoing as an economy may actually be our very ingenuity.