Alarming signs on the near term horizon. The combination of extraordinary tax cuts and extreme expenditures for the war in Iraq that have led to massive budget deficits and trade deficits AND a melt down in the housing market will cause a recession like we haven't seen since the 1930's. It is coming sometime before the end of this adminstration's term.
The Trillion-Dollar Bet - New York Times
"By DAVID LEONHARDT and MOTOKO RICH
Published: June 16, 2005
American homeowners have made a trillion-dollar bet that mortgage rates will remain near record lows for at least a few more years. But with some interest rates already rising, economists worry that the bet could turn bad."
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