A MOST SAVAGE CREDIT CRUNCH 7/6/04 By Dr. Kurt Richebächer
"... In our view, the fate of the mortgage refinancing bubble and its further impact on the economy is presently the single-most important issue facing the U.S. economy.
All other major GDP components are much too weak to take over as the new locomotive. Consider that nonresidential business investment contributed just 0.30 percentage points to real GDP growth in the first quarter of 2004.
Consumer spending remains so predominant that any weakness on its part would instead pull down the other components... ":
