$85,000 out of an average of somewhere near $300,000 they did absolutely nothing to earn except happen to own a house during a housing boom.

Things look like they’re falling fast, but I really think we haven’t seen the worst yet. But being done by the end of 2008 is a bit optimistic. The housing factors are bad enough to drag things out for 2-3 years. Add to that a recession and stagflation, and 5 years starts to look more likely.

Don’t forget though that we bailed out the last recession of the 9/11.com era with this housing bubble. Now that both are empty it’s going to be a lot rougher than most people think IMO.

The headline $6 Trillion in wealth is typical sensationlism of MSM. It was never really wealth in the first place.