At this point, even Republicans are beginning to suspect that what's happening is not part of the normal "business cycle," i.e., the normal capitalist pattern that begins with recovery from collapse, then moves successively through boom, mania, panic and collapse. It's something different and completely unprecedented this time.
The price of oil and the onset of the Long Emergency are what's driving this fiasco, which has dovetailed with the off-the-chart foreclosures rate and its attendant evaporation of billions in imaginary capital. Bank failures loom, and we citizens of the World's Greatest Democracy are probably in for some real material hardship, although the truly rich won't suffer, of course.
Still, this is going to be worse than the Great Depression, because the only things in short supply then were work and money.
At Beliefnet/U.S. Politics, we haven't even seen any of those "the economy is really, actually great" threads from the usual suspect lately, although she's still around.
Republicans continue to try to put on a brave front, but secretly they're shaking like a bunch of dogs shitting peach pits.