Except for David Rosenberg, as reprinted by one of the best financial websites in the world, Minyanville:
The current level of US outstanding nonfederal debt is $27 trillion, which is astounding both in absolute terms and even more so relative to nonfederal GDP -- a 206% ratio. It is down fractionally from the 208% peak, but here is the rub. If mean-reversion means that we get back to some norm of the 1990s, then we are talking about the need to extinguish $8 trillion of nonfederal debt. The only question is how this happens, not if. If we’re talking about mean reverting to the very stable trend of the 1960s and 1970s, then the credit contraction is very likely to exceed $11 trillion.
How do you extinguish debt? Well, most households do so by deferring new purchasing in favor of paying off previous purchasing. Credit will continue to be tight, regardless of government machinations to make it otherwise. Therefore, we're not expecting the consumer to stampede the stores anytime soon. This is going to be a long, painful recovery, but it was a heck of spree that got us to this point.