Was I correct in thinking that a Depression is likely without the bailout?

This article says that yes, without the bailout, we're talking major Depression, worse than anything they had in the 30's. I've heard the stories and certainly wouldn't want to see that again.

However, there are quite a few saying the bailout is a terrible idea.

Apparently a movement has started to "Kill the Bill".

I'm starting to understand why McCain looked so subdued today in a stump speech, and why Obama is looking just plain scared to death. This is huge and I'm not sure anyone really knows what to do, or what the unintended consequences will be.