Fair enough. As I said, I actually agree with you but I don't think we'll ever hit the bottom*. I think, the more and more North American society is swamped in debt, cost of living will just get harder and harder for those that don't have old money. I'm already seeing it now where most people in my age group are strongly depending on their parents to be able to purchase homes, etc and it will become more difficult for upward mobility as the cost of living keeps on getting higher, similar to what my cousins in Italy are going through.
Note: I live in Canada so it's a different situation entirely but I think both countries share the same fundamental flaws.