The big issue of 2007 will be the housing price collapse... That is one bubble that flew under the radar for a long long time...
With the decline in housing prices and sales...the US consumer will no longer have the home equity ATM to pay off credit card debt...and finance lifestyle.
THE MOST TELLING STATISTIC IS THAT AMERICANS ARE LIVING OFF SAVINGS NOW... AND THAT HASN'T HAPPEN SINCE 1933!!
WELCOME TO OUR STEALTH DEPRESSION...
ALAS, WE HAVE ONLY J.M. KEYNES TO THANK FOR THAT LITTLE CHESTNUT! TO WIT: THE MIRACLE OF DEBT BASED LONG TERM ECONOMIC PLANNING...
