Can America survive?

I'm watching the Dow Jones go below 7000 and we seem to be in a panic. Is it because everything had reached a point where things were so overpriced they could no longer sustain themselves. Is our economy driven by the Dow Jones or is it driven by jobs and opportunities? The modest amount we had in a 401K was removed from the stock market over a year ago and placed in a savings account. It was clear to me this bubble was about to burst. I think we haven't seen the worst of it yet. In a free world economy these major corrections are necessary every few years. No one is immune from them. Even Warren Buffet has taken some hugh losses.

The price of everything, including the cost of labor, will decrease. People will have to adjust their standard of living. Maybe we go back to one car with one garage, two bedroom homes, public transportation, brown bag for lunch, no more $8 movies and $5 popcorn, we grow gardens in our backyards or in pots on the patio, we share in our things (lawnmowers, cars, etc.), we swear off of the newest and greatest electronic thing to hit the market, we sell all things we haven't used in six months at a neighborhood garage sale or a church garage sale.

We simplify our lives. This could be a good thing. We could come out much better and with a lot less stress in our lives by making things simple and sharing. Get back to a sense of community and no longer charge ahead as if we must do everything ourselves.