Housing and the Economy - Chapter 35

In which Jim links to Nouriel Roubini who solidifies Jim's current biases:

In this regard, evidence is mounting that a debt-burdened and saving-less US consumer – that until recently used its home as an ATM and borrowed against its housing wealth - is now on the ropes and at its tipping point.

Roubini's post is long, but worthwhile to read in its entirety.