[norwaypinesavage]

"ref-fis have almost single handedly given consumers the fuel to keep on spending at close to full blast in the last 2 years"
You write this, and then you ask me if I know anything about economics? Do the math, the benefits of refinancing mortgages are but a tiny portion of the economic picture. You better study all of the economy before you accuse others of ingorance. There is more to economics than gold.

[JNB]

Where did I mention gold in this post? Look, Re-fis and housing related activities have gived the economy a 2.5% boost in the GDP over the last 2 years. You do the math. The money extracted by consumers due to refis have been around $300 billion in the last two years.