Lean times?

The threat of a recession hastened by the tipping of the housing market has again been raised. I have heard this time and again for several years as the household savings rate dropped into the red and housing prices headed for the sky.

"Refinance this, refinance that; can't afford it? Just refinance!"

With so much of the economy dependent on consumption and so many of the consumers financing their contributions to the economy with credit and mortgages, when creditors come calling it will not be a pleasant visit.