Question for the forum.....

I dont think the debt level for the average citizen is underestimated to the degree that subprime was.

I think the effect of high credit levels will be to slow down the consumer purchases for retail firms.

Now if rates went up a TON then we might have some issues, but I dont see that happening any time soon. (rates going up large)  

housing > corporate debt > debt insurance > cars > other big ticket items > retailers > credit card companies

set em up like dominos...you'll find that monopoly money generated by inflating housing prices will have a domino effect that will be a big fat shitstorm...maybe not in that order, but they'll all get smacked good

Unfortunately, I agree with the above forecast by KOAJ but would love to be very wrong.