Hey, I think the debt cycle has now started on the downturn. When interest rates rise, the belts get tightened, when belts get tightened people spend less. When people spend less, other people earn less. They earn less so they spend less and on it goes downward.
So yeah, the economic reality will be coming up soon enough.
Belt's tend to get tightened a lot faster than they get loosened. I'm guessing we are in for a shock rather than a slow decline.