Yes, there are problems with the markets. Yes they are big problems. Is the media milking this? Probably. The media likes big problems. Is it an opportunity? Nobody will know for probably 2-3 years at least.
It's the Wile. E. Coyote moment. The ha-ha point at which the cartoon character runs off the edge of the cliff, looks down and realises there's nothing there.
Except it's not so funny when it's your savings in freefall. Since the beginning of the year, equity markets have looked and decided they didn't like what they saw down there. Having run in mid-air for months, convincing themselves that the stock market could shrug off the credit crunch, they've had a rethink.