DailyKos has a great, stat-packed article about how we're in the midst of the largest consumer price decline since the Great Depression.

I will have a lot more to say about this in the next week or two. For now, take away this point: we will almost certainly know in the next 60-90 days whether or not we are starting the first full-fledged deflationary wage-price spiral in over 70 years. If that happens, it will make the entire crisis up until now feel like a walk in the park.