How bad was the economy before Obama took office?

Most economists say the economy was in very bad shape when President Obama took office: the United States was in the middle of a severe recession. Many sources, including some Republicans who had originally supported President Bush, came to believe the policies of the Bush administration were not fiscally conservative, and that his actions (two wars that were not paid for, tax cuts that favored the wealthy, a prescription drug bill that also was not paid for) contributed to the bad economy; however, there are some who say it was not Bush's fault, but rather a combination of factors including downturns in the world economy. But in either case, President Obama inherited a very bad economy.