I am increasingly of the more optimistic view that we may see a strong recovery of GDP growth in the near future in the US, if not a full V, then a U with a short bottom followed by a strong upswing. I am not usually a fan of WSJ polls of forecasters, but most of them are looking for at least a sort of V, see Menzie Chinn at http://www.econbrowser.com for link and discussion, including about debt ratios and implied multipliers.
I do not have a link, but did see recently that the much-less closely followed Case-Shiller index of housing price-to-rent ratios has now returned to long-term historical averages (partly driven by rising rents, ugh). Thus I think we have hit bottom on housing prices in the US, despite the likely continued pressure from more foreclosures to come. I do think Morley's inventory adjustment mechanism will be weaker now than in the past, and consumers will be saving more, thus weakening the multipliers, but there will be some of this inventory adjustment effect that bounces back more from deeper falls. More important to me is that the main mass of the spending fiscal stimulus (and not just in the US but elsewhere, with some other countries also showing signs of turning around) is yet to hit, with only about 10% of it out there (that figure including the weak tax cuts). The main spending stimulus will come next year, which should help put the boost in if the economy really does turn around.