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There are cycles and they are caused by Washington.
There are other cycles caused in London, Paris, Berlin, Moscow, Tokyo, Beijing, and so on. The problem is that each government ascribes far too much credence to the idea that its own actions can exclude its own people from world downturns.
The recent balls up in the world economy started with massive monopolies in the US being willing to lend money to people with no chance to pay it back, and relied on them selling the debt on quickly to the whole world.
The traders we incentivised not by government, but by the market.
In countries where there is strong regulation, the fall will bite less hard. In rich countries the fall will be parachuted.
In terms of the OP, I believe that by the next US election, the opposition will pretend that whatever is poling badly was always a problem, and will claim that they warned people.
You can see that now in the UK - the Conservative party are claiming that the economic problems of this country are the direct result of over 10 years of mismanagement by Gordon Brown as Chancellor then Prime Minister.
The fact that at the last election they committed to abide by Labour spending plans doesn't prevent them right now claiming that those plans were clearly dangerous and wrong.
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Overhead, the Albatross hangs motionless upon the air,
And deep beneath the rolling waves,
In labyrinths of Coral Caves,
The Echo of a distant time
Comes willowing across the sand;
And everthing is Green and Submarine
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