How deep a recession?

In the Christian Monitor article, “How deep a recession? “, they said:

The housing-bubble collapse makes recovery hard to predict.

This is one of the few times I have read where our current “crisis” is described as a housing-bubble collapse. I happen to agree with this economist’s view of the source of “crisis”. Most of the government’s actions and reactions have been targeted at the short term problems which center around liquidity issues in the financial sector. The financial crisis is important and news worthy but it contributes little to solving the rest of the problems facing our economy. Relatively little has been spoken about the source of the housing-bubble and how we can avoid repeating this mistake. We cannot go back to the economy of 2005 because housing construction and real estate related services will be diminished industries for some time. Where does the job growth come from and why isn’t this a higher priority? In my day job a correct identification of the problem is essential to developing a solution. In this case we made a small step in the right direction.