America is on the precipice of an economic meltdown which is going to start with a collapse of the housing market. If we're lucky it will remain in that one sector. If we're even luckier that collapse will in reality be just a slow decline over a few years. If we're unlucky we will repeat the steep declines we saw in 2007, but lack the financial tools to dig ourselves out. I know that it's generally a bad idea for a journalist to make predictions. After all the future is, by definition, uncertain. But I feel that holding my tongue would be complacency.

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