Foresight of effects of economic collapse in N America

I am hearing lots more rumblings that the economic downturn is far from over, dispite the hiatus the last week or so for the election.
This has yet to run through to the consumer and our over leveraged spending habits.
I fear that there is far worse to come and what has happened in Iceland is a foretaste of what will happen here. It could be very sudden and will be a shock to us all.

Attached is a NY times article for reference.
Effects of meltdown in Iceland

[edit on 8-11-2008 by akoviem]