The Credit Crunch, The US and Recession

[Bob]

Should we be worried about all of this impending financial doom and gloom we see in the press every day. It seems like the US is in a mess whereby the Federal Reserve needs to make big gestures and large cuts in interest rates. People in the UK don't trust big high street banks any more and think their money is more secure under the matress.

Is seems to me like the economy is at tipping point waiting for something big to send it over the edge - like a house price crash...

Or am i just being gloomy?