It's not a normal turndown, aka recession, as there have been since World War II from an excess of production. Excees consumption fueled this baby. This is due to all of the bad loans the banks made just like the Great Depression. Except loans from car financing and credit card companies also got wrapped into the collateralized debt obligations that Wall Street bankers started peddling all over the place.
Well I’ll agree you’re right about the housing thing. I’d also agree, I guess, that it wasn’t a “normal” turndown but my major point is that it was hardly any end of the world event that Obama and his minions made it out to be.