Can anyone tell me what's really happening to our (US) economy now?

Yes, I heard of the mortgage crisis, the stock market meltdown, the credit crunch. I don't care what caused what. Forget about what the government said, Could anyone who's knowledgeable enough tell me how bad is the situation right now? And how bad is it gonna be? What's the real possibility that this thing will become a great depression? or just a deep,long recession? Are we gonna eat from the dumpster 1 month from now? Or thing gonna be a little better with the right action taken?