We are in recessionary times, and there seems to be no way out of it. Its no longer a shock-and-bounce thing, and it will take years of grinding to get out of this mess.
Surprisingly, there seems to be very little introspection happening on where we went wrong. Even though Enron and Lehman went bust, their employees made millions (and some even billions). Something is terribly wrong with the way things are structured, and the more I think about it, the more confusing it gets. When Lehman stock was trading at 2 dollars, fed needed a meeting to plan its rescue, not withstanding the fact that its employees could very well have bought every stock in the market.
Its a recession of character and morality, and don't think there is any way out of it.