Recession is a good thing. This is the signal to consumers to slow down. It is precisely what people who overextended themselves with credit need to do. This will only go away when people start paying off debt and saving and we get back to producing stuff. In the meantime enjoy some low prices.
Read this thread for some theoretical info:
http://www.T-Nation.com/free_online_forum/world_news_war/what_is_deflation