> He then reaffirmed the strength of the US consumer sector.
>
> HUH?!
It's simple: Greenspan & Co. cut US interest rates to rockbottom levels during 2001. This cushioned the downturn, and enabled working stiffs like yours truly to charge up their credit cards or refinance mortgages. But now this stimulus is used up. No credit boom + no fresh Gov't spending + one giant collapsed Bubble = trouble ahead.
-- Dennis