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[southacresdave]

Here's why there is no recession right now (IMO) ......current unemployment rates among those with a college education is 1.9%!!! (February 2007 numbers) You can argue about the quality of those jobs, but that number is so incredible that it can defeat any subprime debacle that hits lower income households. If 2M households were foreclosed on in 2007 (which I doubt will occur) that still doesn't effect the other 100M households that are still capable of paying their mortgage. As long as the job market is strong for college educated workers, the economy may slow down, but will hold.

http://www.bls.gov/news.release/empsit.t04.htm