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Very huge problems indeed. The housing fiasco is already showing signs of repair. As for the fuel issue I fear that we are our own worst enemy. Until we over look all the environmental fanaticals out there that have crippled us at getting to the oil that is on our own lands and shores. We are destined to live at the whims of other countries such as Venezuela and the middle east...etc... We have the ability to drill for our own oil with a minimum impact on the environment. And at the same time we move forward in the alternative energy sciences until Oil is an item of minimal importance.
As for the economy, it's slowed, slowed drastically but at this point only slowed so doesn't qualify as a recession. And handled correctly won't, unfortunately it's an election year and the Dem's see the economy being bad as their only big gun causing more instability to the market by lowering consumer confidence at every chance.
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