Is the current financial crisis a deflation?

How about the great depression?Is the current financial crisis a deflation?
In the last three month of 2008 the cpi fell at an alarming rate and if it had continued it would have been more than the 10% that occurred in 1932. However the fed policy stopped the fall, and the jan and feb had positive inflation and march was only a tiny bit negative,Is the current financial crisis a deflation?
Yes, it is a deflation, and people are being told this is a good time to borrow for a house or car.



Not so, soon interest rates will skyrocket, causing bankruptcy for many.