[syriacus]

As regards housing though, it is now a moot point whether it is counted as savings or not.

Which explains why folks around here are now only able to sell their houses at 1500% of what they paid, rather than 1800 % of what they paid. :)

[jiggyboy]

We're on the same page -- there's a lot of equity built up in houses -- but my point is that there won't be any new equity being built up.

And as far as a source of funds to supplement "real" savings, I'd bet that the people who take out equity loans to finance their lifestyles are not only already maxed-out but will soon find out that that game is over, and the people who don't take out equity loans aren't going to start.