The fallout...economists call this a negative shock to permanent income. Consumption, which is 70% of GDP, will be affected for years.

Most economists do not pay any attention to stories such as this. I guess because they are stories and not science. But there is something to be learned here.

http://www.nytimes.com/2009/03/01/us/01survival.html?_r=1&th&emc=th