There's no question that the Fed should have much earlier raised interest rates, not to kill the housing sector, but to keep it sustainable.

If you factor in a slowing economy the number would be larger. The ultimate decider of whether you can make your mortgage payment or not is your job.

People moan and groan, but they still go to the pump and fill up their big SUVs.

People moan and groan, but they still go to the pump and fill up their big SUVs,

We actually think that we're being somewhat optimistic in saying we don't see it spreading beyond that. There will be weakness in retail, for sure, and in manufacturing. But not widespread losses.

Some jobs in manufacturing might well disappear as a result of weakness in housing, but this may be offset by jobs brought home or not lost to foreign competition.