[JNB]

While I do not agree with all of the editorials conclusion, I am more in the camp that thinks the 00s will in many ways resemble the 70s in terms of the economy, though a bit worse and painful than the 70s was, you have to understand what has kep the economy afloat in the last 2 years.

It is not high tech, it is not productivity(BLS numbers are trash anyways). It is artificlaly low rates that have enabled people to re-fi their homes and the auto makers to sell cars at 0% rates. Now the automakers are starting to choke, and the last string holding up the economy is housing. Yes rates are low, but how much more can the economy sustain with the job losses?

[LenS]

In the 90's, the population of the US increased by some 30 million. Our birth rate remains above replacement and immigration continues. All of those people have to live somewhere. Housing isn't going to collapse. There will be problem areas, but there always is.