So... How Bad Are Things Going To Get?

We may be teetering on the edge of another financial crisis, and a possible recession that spans the Atlantic. How worried should we be?
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Update: More on Lehman and our domestic mess.

Update 2: This is reassuring: "Will the U.S. financial system collapse today, or maybe over the next few days? I don’t think so - but I’m nowhere near certain. You see, Lehman Brothers, a major investment bank, is apparently about to go under. And nobody knows what will happen next."