Now We've Reached The Nadir

Recession Gloom Gathers - WSJ

It's always darkest before the dawn... The perception of recession will drive some speculation out of the oil market, eventually reducing prices by 20-35%.

The effect of housing crunch is priced into the market by this point and will subside by summer (think: newly married couple finding cheap homes). The perils of accessing (and relying on) home equity have been acute and should been a violent reminder to pursue a strategy based on personal savings and a diverse portfolio.