If the debt to equity raio of 35:1 used by the Wall Street banks is true then there is a lot more credit crunch ahead as $35 trillion would be required to ease the crunch assuming they have $1 trillion equity. It is assumed or rumored that $65 trillion of mortgage-based certificates are floating around like millstones on bankers' necks worldwide. Also short selling will begin and sound corporations could be targetted by junk bond artists like Icahn, T. Boone Pickens and such like vultures. It appears the recession will be starting and the downward slide will be quite a while.
Don't forget all the defense spending did very little domestically with bombs costing $1 million each, GIs' salaries spent in Iraq, fuel and equipment failure and damaged or destroyed (those drones are a few million bucks each), private contractors like Blackwater, black expenses by CIA to covert actions, etc.
Job losses from free trade and outsourcing contribute to America workers becoming low wage earners unable to afford their mortgages. Less disposable income contributes to less sales for big item retail outlets and on and on...