"I'm pretty sure we've already seen the bottom. In fact, if you look at the weekly production figures, of various different industries, it's clear that we've turned perhaps in the middle of last month, the middle of July," said former Federal Reserve Chairman Alan Greenspan.
However, unemployment is still a serious issue. A new study shows that by the end of 2009, 1.5 million workers will have used up their benefits. Congress and the White House are expected to extend them, but the cost will add to the federal deficit. The red ink is so scary that administration officials refuse to rule out higher taxes.