It is expanded here. The sub prime mortgage meltdown has had it’s on the economy. Economists feel a recession is likely and the Feds is stepping in to lower interest rates. Credit card crisis is having an ugly impact on the economy.

"The last life preserver of home equity loans has just been ripped away, so families are now alone in a sea of debt," says Harvard Law School's Elizabeth Warren, a law professor and expert on consumer debt. She's referring to the ability of families to turn the rising value of their homes into home equity loans to pay off their fat credit card bills.
"Whether they drown quickly or slowly is an open question, but they will drown," Warren said. "The numbers don't lie on this; there aren't any other options here."

CONSUMING FIRE-DEBT SLOWLY KILLING THE BIG SPENDERS By CATHERINE CURAN

September 16, 2007 --

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