Does the huge loss in the U.S. job market mean there is a world economic collapse nearing?

This deepening downturn on Black Monday January 26 sent economic shock waves around the world.  This represented the worst single day so far in the economic crisis, threatening the U.S.A.'s claim to a lifestyle that has been called the American dream in the past.

The American dream consisted of first of all owning your own home, two cars or more in every family, and perhaps even a vacation second home.

To insure life for the next generation would be better, educational opportunities at grade school, junior colleges and advanced educational institutions were available at reasonable costs --where students could work and earn their funds for college.