John126, with all due respect, 9/11 is another excuse of bubble-deflation - if it weren't for 9/11, there would be some other "situation" to cause what we are experiencing today.
Deflating the credit bubble could not be avoided; it (the credit bubble) really was/is the core of the problem. Even as it un-winds, there'll be people pointing in every direction, but there.
It's the nature of the beast.