The New York Time's headline today says it all: "Jobless Rate Highest in 14 Years". America has lost 1.2 million jobs this year, and 6.5 percent of people are looking for work.
Likely to prolong this period of pain is the fact that the banks who survived the free for all of lending, are now cutting way, way back on the credit they are giving. On a larger scale, this is part of what happened during the 1930s, and one of the reasons why it took us so long (over a decade) to recover completely from the effects of the Crash.
Still, it is worth noting, in an age when the media has become more alarmist than the nut on the street with the "The World Will End Tomorrow" sign that the unemployment rate during the Depression was almost 25% - despite media claims, this is NOT the greatest crisis since the depression, and that is worth remembering.