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Mc: His interesting comment is that even a guy like himself who predicted this is still shocked. IMO the same phenomenom will happen with oil supply and prices-it is very clear what is coming yet it will still be shocking to knowledgeable observers as we are all influenced by the MSM which plays into our desire to engage in wishful thinking.
It goes without saying that the home equity loan is going extinct. But how far down are we from 2004, when those loans pumped close to a trillion $ into the US economy? And what was the multiplier effect of each of those borrowed $ in further economic activity? If each loaned $ created $3 more in GNP that year, then won't we soon be seeing a $4 trillion reduction in the (inflation-adjusted) GNP? Is there any place left where we can (foolishly) make up the loss?