Sure looks like it to me.
Projected Budget Deficit (so far)
source – Perot Charts
What a shame that Obama arrived at this precise moment.
He’s committed to the bail-outs. Those will sink the ship, I expect. And not work.
How long before the majority of Americans come to realize the bailouts were a mistake? And Obama’s popularity drops through the floor?
Why should all Americans subsidize those who “who bought a house that cost more than they could afford, hoping for a spike in value so they could sell at a profit or take out a new loan based on an increased value.”
That from a good article in the NY Times – I Bought an Expensive House. My Bad, Not Yours
Rick McCharles 
Don’t scare me any more than I already am!
And FYI – not all of us bought homes that we couldn’t afford. Many of us bought homes when the market was high but not nearly at it’s height. We are not all experts in the market and in projections. Sadly, even the experts didn’t see this crash coming. Many of us are stuck with upside down mortgages, but this is not due to buying outside of our means, but rather the market deflating so rapidly. I blame the lenders and the real estate agents for encouraging people to buy homes that they couldn’t afford. Most people do not have the knowledge to fully understand these ridiculously vast documents and many got in way over their heads. This is not an excuse, but merely a fact. People got rich over this debacle, while many lost everything. I don’t have a solution, just observations from one of the hardest hit places in the country. I lived here during the boom and saw it happen first hand – people scrambling to buy homes before the prices were way beyond reach. And then boom indeed – the market crashed. I fear that this is about to happen in Canada. I bought my first house there for 67K in 1992. It sold (sadly not by me) in 2006 for nearly 300K. There is no way that this house is worth this amount, it’s ridiculous. The house was built in 1912, and I could go on and on.
We are in a scary time indeed. I hope Obama’s plans don’t make things worse, and I hope to breathe again soon