Well, I'm a bit late on this breaking story but I will put my 2 cents worth in.
Was it expected? Well, maybe.
A friend of mine told me a number of months ago that according to economic forecasters, we were probably due for a major re-adjustment a.k.a. depression soon. I guess nobody was listening or had the gall to offer a response. I guess he was probably basing it on patterns in flooding in the RRV. Every hundred years there typically is a massive flood and the levels are tracked and used to determine how to better deal with the next big one. In the RRV they built higher dikes and built more flood control ditches.
Let's hope the lessons learned during the Great Depression gave our leaders better ideas as how to deal. Just reading some of the Wiki article on it is like deja vu. Are we in for a big one?
My concern is whether McCain or Obama are ready for this test of balance as domestic issues are flaming while on the international front embers are still burning. Neither man really strikes me as having "The Answer."
McCain seems to be flayling at a popular figuire while Obama keeps giving pep talk after pep talk. Maybe I'm not pessimistic but their response to the economic crisis at hand seems rather blah. Then again what we've heard since mid-May has been smoke, mirrors, and chess like campaign with a large dose of slander. Let the records speak for these men (McCain & Obama) because I doubt we'll hear much lucid remarks in the next month.
Well, cheer up! I believe John D. Rockefeller said a bit after the 1929 market crash -"These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again"