Nouriel Roubini, an economist with generally negative views about the US economy, has said:
This will be a long, ugly and nasty U-shaped recession lasting at least 12 months and more likely 18 months, not the mild 6 month V-shaped recession that the delusional consensus expects. While an L-shaped decade long economic stagnation is unlikely the recovery of the economy from this recession will be weak as the financial crisis and serious macro imbalances will lead to sub-par (below trend) economic growth for years to come.
(The Worst Financial Crisis Since the Great Depression)
So even on Roubini's pessimistic view, the recession probably would not last 3 years. However, the recovery may be weak compared to previous upturns.
Other people asked questions on various topics, and are still waiting for answer. Would be great if you can take a sec and answer them