Poor GDP

To the $2.4 trillion homeowners lost in their house equity last year, add the same amount this year plus the loss of $2.5 trillion in lines of credit on MC/Visa and that's $7.5 trillion in purchasing power out the window. That's half of the US GDP gone missing, a GDP that is 70% consumer spending - and that largely debt driven.

---C K Michaelson, Some Assembly Required, 5.9.09