Look at the retail stocks, lots are hitting the 52week lows. Looks scary. Detroit has negative job growth, so people have to move to other cities, and the yen is very low so honda and toyotas are very competitive compared to US manufactures. Detroit, of course looks bad.
If they don't loosen the credit, we will be in trouble for the short term, but if the credit is too loose for too long like it has been . . . then people have too much money, and it becomes worth less.