Dan Gillmor:
It’s too early to predict that the housing mania is about to subside, but the larger economic forces are lining up in alarming ways.

As the consequences of our reckless national policies and consumer madness start to come home, we may be heading toward a time of inflation and low growth — what was once called stagflation — or, perhaps, an outright recession.

This is getting worrisome.

More here.