I've been hoping to come up with the perfect essay on what the impending economic crash really means for all of us, but for now this guy has pretty much summed it up. From a website you should visit every weekend.
And here's another thought provoking link, for those with more robust internet connections. Harvard Professor Elizabeth Warren on why we can save as much as we want, but the cost of essentials - mortgage, taxes, transportation - are what hold us back. Keep in mind this is a 2007 speech.