It's only bad if you've got investments. Otherwise, you can sit back and laugh at the lemmings as the grasp at what's left. That's not to say that we may all notice some changes, but most of us will fair just fine.
Just for kicks, I did a little math. The great depression saw the DJIA drop for three straight years with an average yearly drop of 29%. This time around, from October 2007 to today, we are down 39%. Take that, President Hoover!!