The Final Shoe?

Building off of a Leonhardt column on housing, Felix Salmon warns:

[I:]ncomes are the final shoe to drop in this recession. We've had a nastyfall in GDP, and in the stock market. We've had a large rise inunemployment. But we haven't had any kind of decline in real wages —quite the opposite, in fact. Leonhardt says that "housing does not rankwith unemployment, the trade deficit, the budget deficit or consumerdebt as one of the economy's biggest problems." But what effect does hethink that those...