It is not entirely clear when you think the recession 'hit bottom'. Well before the election? No, NO, NO! As Ben Bernanke has written about in his memoirs, the six-month period from October 2008 to March 2009 saw a more rapid collapse in American Real GDP than during ANY six-month period of the Great Depression. THOSE were the WORST months of the Great Recession. In fact, they were the most terrifying six months of my entire life, and most informed economic observers felt the same way during that stretch of time. We were all scared shitless.