Why Isn't Housing A Bubble? (But Is Still Imploding)

``So what does this mean for the overall economy? Specifically, can a country as dependent on consumer spending as the US generate sustained growth when the one major asset owned by most families isn't participating? The answer is probably not. For the wealth effect (rising asset prices leading people to spend more) to really get going, all the pressure is now on the narrow shoulders of the stock market.''