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What’s wrong with the economy?

“The danger is that housing prices continue to tumble and accelerate, people’s ability to pull out equity will evaporate, and you’ll see a serious downturn in consumption.”

This from Dean Baker - chief economist at the center for economic policy.

My translation: “People no longer have access to money they don’t really have - so they won’t buy a bunch of crap they can’t afford, and put their house up as collateral.  They may actually have to live within their  means - which will destroy the profits of banks and huge corporations”

Or - the economy will keep getting worse, because people will stop doing the stupid things that got us here in the first place.