Let me begin with this: this is not financial Armageddon, nor is it the end of the world. However, there are some serious problems that have come home to roost and it will probably take awhile for these problems to work out. In addition, working these problems out will be painful. While a complete meltdown is not in the cards, neither is a quick rebound from current events.
Since the beginning of 2001, the US consumer has accumulated...
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