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That Great Sucking Soubnd is Your Home Equity Disappearing

Henry Blodget’s Clusterstock (http://www.businessinsider.com/clusterstock) has this great service called the “Chart of the Day”, which occasionally sends out some real lulu’s. Take a look at the chart below, which illuminates the incredible decline in American home equity since 2007, plunging from 100% to 50% of GDP. We are rapidly approaching the 1965 level, and could reach a percentage not seen since the fifties this year. If you know any “green shoots” cheerleaders out there, you better e-mail them this chart. If Americans have just lost much of their largest asset, who is going to spend us out of this recession?