Finally an economist calls it like it is in the US, with at least an acknowledgment that the potential impact of the sub prime crisis, is a genuine recession.  Interestingly he relates it to a Japan type slump, following their bubble of the late 80’s.

Top economist says America could plunge into recession – Times Online

Professor Shiller, author of Irrational Exuberance, a phrase later used by Alan Greenspan, the former Federal Reserve chairman, said: “This is a classic bubble scenario. A few years ago house prices got very high, pushed up because of investor expectations. Americans have fuelled the myth that prices would never fall, that values could only go up. People believed the story. Now there is a very real chance of a big recession.”