Day of reckoning for America's economy...

[Bill T]

Credit run amok is going to destroy whats left of the working middle class in this country. Some of it isn't their fault, however. Take home prices. Here in Phoenix last year the average home went up $134.00 a day. Prices have now leveled off, as with much of the country, but first time buyers are going to wind up mortgaging 3 times as much to buy a house as they would have just a few years ago. Add to that 30K to 40K for a car, most lease, (i.e. rent because they can't afford the down payment to buy), 21 percent interest on credit cards, 3 digit cell phone bills every single month, payments on most everything they possess, and I don't see how these people sleep at night. Especially if they're trying to raise kids on top of all that. Almost half the people in this country don't have any health care which is going to put the entire system into collapse in a decade or less. The same with Medicare and Social Security. People save nothing and buy everything they see. It's a bad prescription all the way around. No one has any equity in their homes anymore because they borrow against it for every little thing. Do you know anyone who actually took out a "Home Improvement Loan" to improve their house? All of this combined with more and more manufacturing going overseas, and jobs drying up left and right, it would not surprise me one bit to see this country cycle out with a major economic depression. You can only strech a rubber band so tight before it breaks. We're there. Bill T.