Yuppers. I was thinking yesterday why I am so bearish in an economy with good employment and good corporate profits and optimistic, shrug bad news off, bulls still around. I think it's because I don't see it as sustainable because of trade and budget deficits AND because the poor and lower middle classes are very vulnerable if the economy stutters at all, because of debt and low savings, so we will end up with real social problems if we get even an ordinary recession. There HAS been a division in the country.
When this comes about, there will be a rush to have the government bail people out with massive government spending programs(sub-prime bailout being discussed now), which will only further the problem. Dark days ahead.