The $4 Trillion Dollar Question | The Big Picture
This analysis is by Dhaval Joshi, a financial analyst, reprinted on Barry Ritholtz's blog (highly recommended). It appeared in June 2010 but I just ran across it. Here's the lead:
"Can the US economy really return to “business as usual” when it has 4 million houses surplus to requirement, when 1 out of 4 mortgages are in negative equity, and when by our calculation, it is burdened with $4 trillion of excess mortgage debt, equivalent to 30% of GDP?"