How bad is the current credit crisis?

I've heard people say that our current situation could send us into an economic depression similar in magnitude to the one that hit during the 20s.





How realistic is this?|||mind me, but its the 30s not 20s mate....... nywayz, this is VERY realistic!! because america is such a big country, is very well connected globally and plays a very very important role as a buyer and seller in the global economy, a slight change in the US behaviour can lead to similar impacts globally. the current credit crisis is pretty bad for america and the global economies because in america people just dont have money to pay off their mortgage! this is because of no jobs...... see, this is all like connected, if u understand each part, it all makes sense at the end. so, this is very realistic!