America’s Day of Reckoning
The US housing price bubble induced Americans to live beyond their means. With this engine turned off, it is hard to see how the American economy will not suffer from a slowdown.
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The pessimists who have long forecasted that America’s economy was in for trouble finally seem to be coming into their own. Of course, there is no glee in seeing stock prices tumble as a result of soaring mortgage defaults. But it was largely predictable, as are the likely consequences for both the millions of Americans who will be facing financial distress and the global economy.