You may want to take a look at the 2008 Annual Outlook published by the Wachovia Economics Group in December 2007. The report forecasts "The outlook for the national economy continues to depend upon how well the consumernavigates through four major headwinds: the housing slump, rising energy costs,a tightening credit environment, and a weakening job market."
I am certain that Wachovia didn't have a lock on an economic crystal ball. So, how did we get caught with our proverbial pants down?
You can download it here in pdf format.