Surprised? You shouldn't be. Now that Fannie Mae and Freddie Mac have a blank check on the US Treasury bank account, the truth is going to start "leaking" out. Of course, some folks knew this earlier, but kept that knowledge private. I can't imagine why.
Ladies and gentlemen, it's time to stop beating around the bush. If you haven't prepped for at least a long-term economic downturn, you time to do so is short. (Even if this doesn't turn out to be a long-term downturn, it will come, probably within the lifetimes of those who read this blog. The policies of our government insure that.) Get out of the stock market if you're still in it. Pay down debt. Stock up on food and other essentials. See to your and your family's personal defense. Consider some extra training for a depression-resistant job.
Learn to garden and preserve your harvest. Make friends with your neighbors. Learn--really learn--about the area you live in. If you have money in a bank, WATCH THAT BANK--carefully. Keep an eye on your employer, too. Mind your insurance companies as well. At this point, considerall financial entities as only marginally trustworthy. Cash and tangible goods are your allies.
At this late date, this is a large task, and it's one the entire family will have to pull together to achieve. If you don't know where to start, let me suggest the book When All Hell Breaks Loose by Cody Lundin. It isn't an encyclopaedia work that tells you everything you might possible need to know, but it covers nearly all aspects of what you need to consider and will give you a good place to start from. There are links over on the left for other blogs, web sites and web forums, all full of advice from folks who are doing this every day. Amazon has a gazillion books on every necessary subject. So does your public library.
It's still possible that the current situation will work itself out, somehow. It's also possible to reengineer a frog so he doesn't bump his butt every time he jumps. I'm unwilling to bet my life, or the lives of my family, on either.