lifted from DB's link:

Note this - you need perpetually increasing housing prices to support consumption when such consumption is not based on growing wages (stagnant in the US for the past 2 years) but on increasing asset prizes being monetised through equity withdrawals and mortgage refinancings on increasingly aggressive terms.

What a brilliant summary of the economic conundrum we are in. One thing I would add is the unsustainable inflow of cash from people cashing in and out of the stock markets, which continues to drive corporations to act incredibly short-sighted in order to meet some dickwad's earnings estimates. I can increase earnings-per-share by three cents in the third quarter if I lay of 1,500 seasoned employees? Fuck yeah!!!!