Peter Morici Percent Quotations

As long as housing prices don't go down, consumers have more equity they can borrow against. If mortgage rates go up another 1.25 or 1.5 percent and pierce 7 percent -- watch out. That's when the housing bubble bursts and consumers would cut back on spending a lot.

I don't expect consumers here will really see a 10 percent movement on the prices of imported goods, ... But for exporters, that 10 percent is very real.