The statistics I see is that North Americans spend 98% of their disposable income. Approximately 70% of GDP is consumption. So many consumers I see live way above their means by using credit cards or refinancing their homes. Looks like the party is over and the effects will last way into 2009.
FYI: While trying to optimize Google's search engine, I completely messed up my blog. I am constructing anoter blog at: mikeroeconomics.wordpress.com