I've had George Bush and the Republicans scare us stupid with phony doomsday scenarios so many times, that as soon as I heard of this, I immediately became skeptical. I've been paying attention to the financial crisis well enough to know it is very, very serious, but at this point in the game, I don't believe a damned thing the Bush administration says about anything.
To my suspicious eyes and ears, this just sounds like WMD's all over again. Which isn't to say that they're lying or exaggerating the danger for political gain. It really speaks more about their moral bankruptcy than anything else. Folks tend to forget the ending to the "boy who cries wolf" story. In the end, the wolf really does appear. This is why leadership matters. Which is precisely why I despise politics, lying and the willful blindness of ideology.
Still, be careful and keep your eyes open. These crooks in charge don't have a clue what they're doing. They'll be far more concerned with saving their own bacon than saving ours.
As for you, gentle reader, I hope you are cutting up your credit cards. It's time to learn to live within your means. Austerity may soon be imposed upon you; might as well get started before the hammer falls.