There are serious other reasons for the recession than the credit crisis. Here is one:

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This morning
someone posted pics of such a pimped up* Ford F-650 Dominator in a German model-builder forum. The first comment on them was (translated):
Any [Mercedes] Sprinter has more payload, any LandCruiser is a better off-road drive, any [Volkswagen] Passat has more interior space for the passengers, any 5er BMW guzzles less and any Cadillac Escalade has more style.
What a senseless car, and not even pretty.
A few hours later I read: Ford’s US sales drop 34 percent in September
DETROIT – Tight credit, economic worries and high gasoline prices combined to cut Ford Motor Co.’s U.S. sales once again in September, with the beleaguered automaker reporting a 34 percent decline from the same month last year.
…
Ford sales also were hurt as buyers continued to favor small fuel-efficient cars over trucks and sport utility vehicles. Truck sales were down 39 percent, while car sales dropped 19 percent.
The first sentence blames credit availability, the economy and oil prices for Ford’s problem. All do play a role but the roots of Ford’s problems are older and the ‘domination’ products and their quality are part of them.
Ford has lost $23.9 billion in the past 2 1/2 years and has had to mortgage its assets to stay in business.
Ford may have to sell its profitable foreign businesses over the next years to find enough money for a revamp of its U.S. production.
A big chunk of the money the U.S. will need to change its bad habits will have to come from abroad ($1.5 trillion in 2009?). Most of it will be borrowed from China, the Gulf States, Russia and elsewhere.
But a big chunk will also come from the sale of assets U.S. companies acquired abroad over the last hundred years and will now have to sell. If that money helps Ford to build some non-senseless cars the wounds this recession causes will heal. If that money gets wasted in further ‘Dominator’ dreams, they will deepen.
* updated, see comments