Possibly
I think we'll see deflation. Consumer spending is dropping severely. Prices of consumer goods will drop to entice buying. Wages will be renegotiated downward so businesses can remain profitable.
Consumers might enjoy the lower prices in the short run, but fixed costs such as Mortgages and Utilities wont change.
The boogie man is large. People will still be afraid to spend- even if credit loosens up. I don't know what will save us but something will have to happen to open our wallets again.
At least the price of gas is putting some cash in our hands.