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Spence,
housing prices fell 18% and you had a 700 billion bailout. Those housing prices adjusted for inflation are STILL 15-18% above the norm. Can you imagine what will happen when it finally corrects, never mind hits bottom?
Consumers are 72% of the economy, with this growing unemployment and uncertaintly (and my gloomy posts) think of how massive a hit the retail and service sector will take.
What if we get a bad winter, how will towns afford to plow the roads? many local towns are struggling due to decrease in tax and permits.
The list can go on and on, I dont think I am being overly pessimistic.
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