I did not see the credit crunch coming, but in retrospect, it was obvious. The downturn was moving along about as expected until that development.
Honestly, until that point, I believed that exports to the strong world economy would more than offset the effects of the housing downturn. Unfortunately, the combined effect of the credit crunch and the housing downturn will probably prove to be a bit too much for the US economy.
muggle – This won’t be the first time Wall Street has bull rushed into a downturn.
