Prepare for Prolonged Turmoil, says US Treasury Secretary

We need to wake up. Stop watching that OJ Simpson crap and pay attention to what's really important here. We are facing a crisis. The British are already seeing a run on the banks. We are the mortgage foreclosures hitting new record highs seemingly every month. That madman in the White House is trying to start another war, and we just act as if its no big deal. Another war would be cataclysmic. Time is running out:

Investors should brace themselves for a prolonged period of market turmoil, Henry Paulson, the US Treasury Secretary, said yesterday as he held emergency meetings with the Chancellor and the French Finance Minister.

Mr Paulson flew to London to discuss the financial crisis with Alistair Darling as markets remained in the grip of anxieties over the continuing toll from the global credit squeeze.

This is the administration admitting this:

[...]the financial turbulence will “extract some penalty” from the US economy, he said.

Turbulence in capital markets across the globe and the slump in US property prices are expected to force the hand of the US Federal Reserve Bank today to cut interest rates by at least a quarter of a percentage point, to avert the chance of a US recession.

Some analysts believe that the Fed will bow to pressure from financial institutions and make a half-point cut.