The money that people have been withdrawing from their HomeATM® was measured in the billions and kept the US out of recession for years. In 2000 and 2001, the GDP was so low it was only the borrowed money that people were spending that kept the nominal GDP positive.

But alas, the machine closes when the wealth effect doesn't feel the same...in fact, the wealth effect of the decreasing value of the house and the bank that won't lend is...here it comes...a negative wealth effect.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland