It is having an effect because rich individuals who gambled in hedge funds that went bust are screaming to cause panic in the markets in order to pressure the US government to bail them out. I say to the public keep calm because these rich individuals will go bankrupt and other rich individuals who did not play in the hedge funds will buy out their assets. Everything will re-adjust and life will go on. This is the time to put a little into the stock market indice funds a nibble at a time as the market drops to the bottom. Five years from now when the credit bubble resolves itself and disappears into the past, your investments will rebound substantially. The losses by wealthy individuals and investment banks are substantial, but it will not trigger an economic collapse like the one in 1929. When rich people and major institutions make dumb mistakes, they always try to panic the public and pressure the government to bail them out. Keep calm, buy low so you can in the future sell high.
It sounds like you have a bad case of class envy.
“because these rich individuals will go bankrupt and other rich individuals who did not play in the hedge funds will buy out their assets”
Those “rich” people are evil anyway.
“From each according to his ability, to each according to his need”
I say, take their money, houses, cars and give it to the working man.
/sarc
Guess the 'Breck Girl' gave them bad advice.