"there were no effects on the regular economy ... "
"there were no effects on the regular economy, and the average man did not know that anything had happened."
Funny, I'd say the opposite, I doubt you can find an "average man" who doesn't know anything is happening, and thinks this has no effect on the "regular economy". (Osama bin Hiding in a Cave doesn't count).
Check the local papers around the country, they're running stories daily about how the credit crunch is already whacking auto sales, home sales, business wholesale ordering and inventory, etc.
There are people out there with perfect credit scores, high liquid net worth, high-end jobs, who are being quoted for mortgages at 11% - 14%. That's like the bank saying it's "open" but with the front doors locked.
The "regular economy" is already being hit, and it's going to get hit even harder.