What will be done must be decided by the most unpopular Administration in nearly a century in connection with the most unpopular Congress in history; and everyone involved in finding a remedy was in one way or another a part of creating the mess. By everyone, I mean everyone: the Administration, the Treasury, the Congress under Carter and Clinton, Congress under Reagan and Bush, Congress controlled by both Democrats and Republicans, the regulatory agencies, and the "experts" now out of jobs who will be hired to manage the new institutions that will be set up to buy bad debts: every one of them. What will be done will be settled by politics, not by economics.Read. The. Whole. Thing. AND all the links. Especially this one.
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The world won't come to an end, but now would be a good time to take stock of one's resources and decide which ones ought to be developed. This inventory should look at everything: from vegetable gardens to software development. I was once an editor of Survive Magazine; this was back in the days when there was a small but real probability that civilization would end with a bang. We now have a small but non-zero probability that it will end with a whimper. We have a much larger probability that it won't end, but there may well be frightening dramatic changes.
Look out for Black Swans. And you might go read The Gods of the Copybook Headings. - Jerry Pournelle
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