Mauldin is a very good writer.
My problem with muddle thru is simple.
Jobs. I see increasing losses of good paying jobs, rising bankruptcies and a consumer who is going to be hard pressed to spend with rising property taxes, auto insurance, medical costs, home insurance etc etc etc.
Housing does not even have to go to hell for serious problems to occurr
1) housing slowdown (as opposed to a collapse)
2) increasing layoffs
3) oil and or NG shocks
4) less spending and more on debt service
Any of those could send us over the edge.
I think all 4 are likely. While Mauldin calls for muddle thru, he gives himself various "outs", oil being one, slowing housing being another.
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