The average guy is going to believe whatever he is told to believe by the media. The sky isn't falling for everyone. Fortunes are being made right now (lasting fortunes, not the tech-type of recent memory).
This whole thing becomes one big self-fulfilling prophecy when it is run over and over on the news. Heck, bottled water costs more per ounce than gas does......... and people are drinking bottled water like it's going out of style (in a country with some of the best tap water in the world!).
The thing that gets me, though, is how no one saw the housing crisis coming (that is a generalization of course). Politicians were quoting "highest level of home-ownership ever!" --- taking full credit without anyone noticing the bubble that was swelling and waiting to burst. No way the "experts" can be that stupid, but the politicos from both parties don't care about anything but the NOW!