Agree on meltdown but not a total meltdown.. the consumer debt is about between 915 – 965 billion. bush/fed is likely to intervene in this if consumer credit starts to push economy into recession…

most of consumer debt has been sliced and diced and sold in the secondary market with promising returns..

consumer spending going up in this housong turmoil worries me.. to me it is just a time bomb that will explode soon.

one good thing is that consumer credit debt securitization has been well understood.. so manipulating the system should be relatively easy as results can be predicted.