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I reckon as a couple of others have mentioned in this thread....consumer credit catching up with the economy. Then again, with a national debt of $9.35 trillion with none of principal being paid off, I guess that's just peanuts.

There will be an economy but growth will be flat for sometime to come if not pulling back.

I'm curious about Wal-Mart and Target numbers coming out today.

The LOC part of the HELOC has locked many in Hell with regards to their credit...especially those that have borrowed more than what their homes are worth. The speculators caught in the mess busy flippin' too are in Hell.

Then again, I guess the sub-prime mess is just a drop in the bucket to you.

Long time family member with Wachovia (senior vice president - commercial banking) told me 11 months ago what was going to happen with the housing bust. Consumer credit for housing is 15% what it use to be with his bank as the ripple effect is very wide spread.

Look for a serious decrease (35%)in the standard of living in this country for the blue collar middle income group over the next 3 years.