Pelosi's graph is not that misleading:
As measured by the percentage drop in payroll employment over most of the time periods I looked at, this is the worst since 1974-1975. And barring a dramatic recovery in the next couple of months, the total job losses from this recession will likely come out even worse than those of 1974-1975.
This article available online at:
http://www.theatlantic.com/daily-dish/archive/2009/02/even-more-context/205903/
