I've been so focused on the impact of the subprime mortgage collapse that I didn't think to look beyond it to se what was next. Assuming that the economy manages to survive 2008 without slipping into a deep recession, 2010 and 2011 will be the next big hurdle. But given that even Treasury Sec. Paulson has started issuing warnings, its a fairly safe bet that a recession is in fact on its way. And if it does come, it will mean that we are even less prepared to deal with that second wave of mortgage related problems when it hits.
This is very, very, very bad news. But don't take my word for it. Go read Roubini. Assuming you want to have your day ruined, that is.
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