We're not currently in a recession, but economic growth at best is anemic. We may soon be in a recession, as the cumulative effects of tightening credit, a weakening dollar, serious inflation, and the billions of dollars in failed loans take their toll, coupled with increasing job losses.

In Oklahoma, we may be able to handle this better than most, thanks to the high oil and gas prices. The broader story, however, is that Oklahomans who aren't rolling in money are hurting, too, just like their countrymen, trying to balance the increase in food, fuel and virtually everything else in the face of stagnant income growth.

The Royal Bank of Scotland recently warned its private clients that there's going to be a major correction on Wall Street and further credit tightening.

Fasten your seat belts, it's going to get ugly.