I agree with this totally. Also,
Our financial firms will stop exporting CDOs (doubt that international investors would buy them anyway)
Also, people our age will take a hit in the stock market, but maybe the younger generation will see what happened and create a society that is built on production and not upon debt.
People seem unaware that modern finance is truly global and the products are so esoteric, and interdependent with other products, so that events in one sector of finance could have serious consequences throughout the system. Derivatives and hedge funds come to mind. Pay attention to how the two European banks were resolved this weekend along with Wachovia. Mortgage backed securities, which have been around almost 40 years, are simple products in the current world of modern finance, and yet they have gummed up the system.
Credit is the engine of the financial system -- once it becomes limited or unavailable, all bets are off.