We're slowing down, no doubt about it, but I doubt it's gonna be the 1930s all over. We now have FDIC, the federal reserve (love em or hate em, they smooth out the roller coaster that is the economy), integrated markets etc. IMO, it's GREAT that the credit markets have tightened up and people are having to pull their heads out of their asses finally (with a loud POP). This will cycle through, it may be painful for the folks who spend their 1000 bucks a week on new boots, 60 foot TVs, leather couches etc., but for people who live by their means and save, things will be fine.
We as a country and an economy needed a swift kick in the [censored] to put us on a better course.