I have been saying since February 17th 2007 that the US economy is heading for a hard landing, possibly a recession while Mr. Bernanke and President Bush were insisting that we had a “strong economy” I predicted that concerns over risky US mortgage lending were a key indicator of credit problems hovered at record levels, after many mortgage lenders failed and a big homebuilders admitted that borrowers' difficulties could damage their businesses.

I also predicted that investor worries over loans made to US borrowers with weak credit histories would grow over the year. I predicted that the American consumer would take all the equity from their homes to buy luxuries they could now afford with easy credit. I even predicted the housing bubble and the subsequent subprime crisis. (