Now, don't misunderstand my point. I think it would do most Americans a great deal of good to have less debt and to live within our means. And, economic cycles happen and, yes, the banking industry is in a mess (of their own making). Things may get tough for awhile. We may need to cut back. I'm not an unbridled optimist. But I do know that those who will do well during this time are not those running around making decisions based on fear. Panic is NOT a healthy emotion nor is it a good basis for choices.
Think. Watch. Observe. Act with confidence. Be willing to change on a dime. But don't panic. If I were a conspiratorialist (which I'm not), I'd say panic is exactly what they want us to do.