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The major threat to the US economy

By Implode-Explode Heavy Industries

"That main threat to the US economy, of course, is housing. Grossly overpriced housing, to be precise, "paid for" with mortgages that an increasing number of "homeowners" can't possibly afford anymore. This morning on CNBC, Meredith Whitney stated that while the risk of a double-dip in the overall economy is "greater than 1%", a housing double-dip is assured. But that's all just semantics, and of course she knows it; it's just not a popular way to look at things. In reality, neither housing nor the economy as a whole ever got out of the first dip. A trillion dollars a month worth of future obligations just made it look like they did. . "

Full post as published by Mortgage Lender Implode-o-Meter on June 22, 2010 (boomark / email).