Be a long term investor. Wait and watch.

Yes, it is over. Even the American and Europe induced local Indian dream is also likely to end.
Americans started the modern economic and financial model that allowed unchecked human greed to flourish in a subtle and sophisticated manner in an institutionalized environment. Being versatile and adoptive, best of the Indian brains in the form of IIM toppers joined their counterparts in US to wreck havoc on globally connected financial systems. The economic 'wizardry' let loose by these highly educated and well paid Banking and Financial experts enabled the Americans to borrow more than what they can afford! The high income generated in the system made the Americans to be choosy and selective in jobs resulting in high cost of skilled services. This heralded the IT boom in India which in all probability goes bust here ending the American dependent Indian dream. Most of the current financial losses can be seen in what Americans have wasted (sub prime crisis) and in whatever they have consumed without sweating for it! Because of the multilayer working even for a simple task, mergers, takeovers and acquisitions tactics, timely auditing became impossible and the financial system degenerated in to total chaos. It is like mob indulging in rioting where it is difficult to catch the culprits easily. It worked wonderfully well as long as input is greater than output or demand outstrips supply and well educated Indians had a field day as long as it lasted.
Unfortunately, the mismanagement got precipitated in the form of credit crunch the like of it has not been seen before. The American model came crashing down like an avalanche. The nature of loss is such that it is not reusable loot stashed away somewhere so that it can be detected and put back. Most of it is lost for ever from institutions point of view. Hence, the recovery is slow and painful the world over. The current financial model as it is being practiced is dead. It is time to absorb the pain and switch to a more simple and practical model.
It means that the Indo-American financial collaboration may end when US take remedial steps. It is also the end of great American dream for Indians, after all, a simple and accountable financial system does not require highly qualified personnel to run! The recession hit Americans may begin to do their IT work by themselves. This may end the American dependent local Indian dream as well.

First of all, Whoever commits a suicide doesnt deserve a sympathy.

Coming to the point, this is just one case, there are a lot many people here in US. There is struggle everywhere, its not easy to hold onto jobs in a crisis time. Even the market in India is not very good. You have to work your way out, there were a lot many options for an MBA graduate actually other than suicide.
But the problem is the mentality, they do not want to operate out of there comfort zones. Or say start from scratch, pick yourself up from the bottom.
That is what they call the American Dream. Its not about earning dollars and to ride good cars and becoming a citizen of the US.

it is just a matter of time and it will subside once the elections are done and moreover the same hype was given during Sep 11th 2001 also and the market has done a great job after that. So i think American Dream is still a dream for many Indians.

The title itself is wrong. "Great American Dream" --> this is not for Indians. We have our own dreams. And apparently our economy is not as much affected by this US crisis. We will continue to achieve our INDIAN dreams.

Depends on the industry too, we non-US doctors still find it very easy to get interviews for jobs here with $150,000- $180,000 as starting salaries - but if Medicare and insurance programs go financially bust, doctors might bite the dust too. One thing is certain is that there will be push to decrease the ratio of high-earning specialists who usually make more than $250,000 to $300,000 a year and rather increase the proportion of primary care doctors.

Yes, the IT guys and the MBA guys are finding it tough, but the American environment is very adaptive, creative, tolerant - already has a great infrastructure and a good business ecosystem in place, eventually creativity, innovation and other conducive business forces will re-evolve once the overused credit systems are better regulated.

In conclusion, yes, there certainly is a meltdown - but the american dream will always burn bright - it will face troubles, problems but thats how it works - it redefines and re-emerges again..each time

This question is very premature. Just a single meltdown and you have posted this question?
It's something like the you are asking the public, the great hype of Indian media is Over after the Govt has banned the exit pools? Totally silly question.

Btw, i'm not in United States. !

The thing is India IT industry is fully dependent on US,If Us economy collapses so will India's. Since we have done nothing gr8 in manufacturing sector,its not good to imagine that US recession will not have ny impact on India.Indian IT industry would be hit very hard and will results in lakhs of layouts.

Since we are a developing economy we won't be as much effected as developed countries in other sectors.

Recession of the American economy will have effect even for the common man sitting in a small town of India.
If credit system is stopped by the American banks then small business owners will be the strongest hit and this includes the Indian exporters and importers too.
Often people are confused and in a fit of patriotism express that Indian economy is booming.
It is booming but for only those who can afford to buy more especially the young middle class who are earning off American off shore companies. Once these companies close, the Indian economy will stop booming.
The poor in India are poorer and their buying power has reduced over the years.
What we need is to be self reliant in every aspect. Our economy will be stronger only if we have a stronger banking and lending strategy amongst good economic policies.
I would also like to say that there are very few nations that rise back after falling down and USA and Japan are amongst those nations.
Their strength lies in their disciplines and hard working people. I am sure things will change for the better in a few years.

Financial downturns and debacles can affect people and their livelihoods anytime. That does not warrant suicidal tendencies. It is at times like these that our education must help in being resilient and pick up threads of our life once again. Life snuffed out can never be gotten back! Money can always be earned if you live to tell the tale.