It is a truism that MSM economic news is always spun to be dire, or on its way to becoming dire, as long as Repubs are in power in DC.
The entirely predictable burst of the housing bubble in many parts of the country will hurt for a while (but I think it will ding markets more than people with jobs outside of construction), and of course the markets are in a tizzy due to the credit markets, but the US economy is still chugging along. Job growth remains strong, and note Surber today on manufacturing orders, and Rattner in the WSJ: Let's get real about the economy.
I will grant that recessions are usually only seen in the rear-view mirror, but the Maggie's Farm Chief Economist predicts slower GDP growth, but no meaningful recession, in 2008. He also predicts a bull market in election-year economic fear-mongering.
Related: How is the housing market in your county doing? Countrywide tells you. (h/t, piece on the subject at TigerHawk)
Related: Mankiw discusses an equation indicating a 35% chance that we are in a recession now.