When consumers realize they can no longer expect that appreciation bonus to subsidize their consumption habits, they will very likely pull back on spending.

Consumers are likely to expect incentives such as low-interest financing for years to come.

It's something that consumers expect,

When I can no longer create anything, I'll be done for.

We as a nation are not as oil dependant as we were back then.

Building 200,000 new residences per year, not to mention the current interest in fixing up existing homes in order to spend new housing equity as fast as possible, will tend to drive this (employment).