I sense and predict a new credit crunch, similar to what happened in 2008. What is different this time is the breadth and depth of the degree to which people are hoarding cash and other liquid assets.
The combination of the downgrade, increased capital requirements and growing realization of the gravity of the national debt will, in my estimation, prompt banks to curtail lending. This will adversely impact the real estate market and, quite frankly, any business which depends on loans for capital investment, or even for revolving loans to meet ongoing, ordinary expenses. Payroll would be an excellent example.
The result is likely to be a second recession.