Was the entire economy of the US a bubble? Not just the housing market but the entire economy.

Was the economy growing at an incredible rate because it was being fueled by larger and larger debt on the part of the average American?

If so, is this recession, in large part just a natural adjustment?

Discuss.

(Seriously, I don't know JACK about economics. Just thinking out loud so you smart folks can straigten me out. grin)
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"There is not a man of us who does not at times need a helping hand to be stretched out to him, and then shame upon him who will not stretch out the helping hand to his brother." -Theodore Roosevelt