Were we on the brink of a Depression when Obama came into office?

I keep hearing conflicting points from Republican. They say that we should have let the banks fail, which surely would have led to a deep depression. But they also say that the recession would have cured itself. I realize that action directly benefited the banks, but didn't it avoid an IMMEDIATE depression?Immediate is the key in this question. I have no interest in answers which will tell me what the future will bring. SAve that shiit for your broker.