From an update on the slow-moving train wreck known as the U.S Economy:

"....Other forecasters are warning that the resulting housing slump won’t bottom for at least another year, will most probably wipe up to 1.5 per cent from GDP, and will result in at least a half a million jobs being lost. The losses being touted from the sub-prime mess are estimated up to $500 billion and rising, with up to $4 trillion being sucked out of credit markets. Credit Suisse Group estimates that problems with resetting home mortgages will continue to rise through to 2010 until over 1.5 million homes are in default. Some analysts are less sanguine and think this estimate is way too conservative...."

The 1990s under the leadership of Bill Clinton is looking increasingly like the the U.S.'s Golden Age.