9% may be a conservative number when you account for ‘housing related’ GDP items. Here’s some of the GDP breakdown – just consider areas that could be impacted:
13.2 = Total 2006 GDP, trillions
Personal Consumption:
1.1 = Durable goods (vehicles, furniture, other)
2.7 = non-durable (food, clothing, gas, other)
5.5 = Svcs (housing, gas/elec, transport, medical, rec..)
—-
= 9.3 trillion, 70% of GDP, much of which is outside your 9%, yet still heavily impacted by a slowing economy and simply less people using home equity to pay for recreation, dining out, clothing etc.
