I agree. For too long, individuals borrowing on home equity to increase their image of status (vacations - whatever), trade deficits, governments growing (spending) at twice the growth of the population and GDP, sub-prime mortgages, companies selling new cars to anyone, giving out credit cards to anyone, usury interest rates to people with bad credit, well eventually somewhere and someone has to pay the fiddler for the tune.
The gov has seen this coming for a while and that's another reason for W's open border policy as to strengthen the consumer spending numbers so The Street doesn't reel backwards.
THE RECESSION is coming 4-5 years worth.