I'm not predicting a 'big collapse'.
This is not the end of the world. I expect we'll have about 12-18 months of bad times. I expect big job losses, probably a 'by the book' recession- possibly the worst one we have seen in 30+ years.
During the S&L crisis, there was just one crisis. In this case we have a problem with the entire banking industry, a collapse of the dollar, a collapse of home values, inflation, high gas prices, commodity bubbles... The market is doing bad but isn't in free-fall yet...
It could be very bad. But I expect it to be only very painful
Yeti