[Boanarges]

“Everybody goes ape over housing when it is only 10% of GDP.”

Maybe historically speaking - yes....but the last five years is open for debate. There was a vicious cycle of credit card spending then re-fi to payoff plastic then run up credit again only to re-fi to payoff credit cards again. That game is over.

Thanks for the link.

[groanup]

There was a vicious cycle of credit card spending then re-fi to payoff plastic then run up credit again only to re-fi to payoff credit cards again. That game is over.

I know. It was over in the '70's, 80's and 90's and now it's over again.

It will be over a few more times I suspect.