James Howard Kunstler's calling Time on the American dream today. Personally, I think he's over-egging the pudding; when I hear his wild effusions about $10/gallon gas I laugh, bitterly — over here we're at $11 and rising, and have been north of $8/gallon for years — it's not the end of the world. But on the other hand, this isn't good news: about 50% of the US mortgage market is now on life support, circling the drain, just as the rest of the US economy is sliding into recession. (And there's no room for schadenfreude over here, either.)
For a perfect storm, all it'll take is for the fruitcake-in-chief to decide that two wars isn't enough, and order an attack on Iran before he leaves office. Or for another hurricane to make landfall on the Gulf coast. Or a coup in Saudi Arabia. Or, or. Too many ors.
I think I'm going back to bed, now.