FWIW, Stock future right now are higher....Dow futures +67.00, NASDAQ +15.75, and S&P +11.9.
Of course, that could change on a moment’s notice.
Believe me, not only is the US wrapped in the credit, CDO, sub-prime, fiasco, so is a lot of others around the globe.
There are still many sound companies around and they are well run, make a profit and they will survive. We're just not going to see much growth, just increases in prices for everything.
I see (counting last year) a 15-20% overall increase in the Cost of Living (not housing prices but maybe rent) to settle in by middle 2009 with income and other taxes going up too as the goobermint is addicted to your's and mine's backsides and they do not know how to cut waste anymore.
Reducing the price of oil will come if they can get Iraq's production and delivery doubled...that will help, but, the US needs to get more nukes on line, open up drilling off of Fla, and the East Coast, and expand refineries.