"Corrupt politicians, Washington bureaucrats, Wall Street fat cats, and clueless commentators have failed to realize that the jig is up. Our entire financial system has been built upon deception, lies and debt. The only thing keeping the system afloat was blind faith in our government and financial leaders to do the right thing. That trust has been shattered into a billion pieces." - James Quinn
This is the only article you really need to read regarding the current financial crisis. It's four pages long, but well worth the time. I hope it stays posted long enough for you to read it.
The Second Great Depression?
Regarding the title of this post, poor people - not having very much to begin with - will actually have an easier time adjusting to an economic downturn than others who have come to expect a certain higher standard of living.
After all, you can only fall so far, and when you're already near the bottom, the landing doesn't hurt nearly as bad.