Market Meldown

[NJ5]

By the way, to add to your answer about impact to "normal people", it should be said that it might keep inflation high (for example if lending rates are cut to diminish the impact to financial institutions).

Have your finances in order and keep a reserve of money for tough times. This rule is always valid, but it's even more important now.

EDIT - I just found out that the FDIC may also be in trouble:

http://finance.yahoo.com/tech-ticker/article/56994/Top-Economist-Americans-Should-Worry-About-Bank-Deposits-if-Congress-Doesn%27t-Act?tickers=LEH,MER,BAC,AIG,WM,^DJI,^GSPC