I think that the reaction will be both political and economic.
Debt is now 300% of GDP - much higher than 1929.
BUMP
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Of course, the NP and HC leadership will blame Bush and use it as an excuse to raise taxes, even as they raise program funding levels.