How does one stomach a city that can be characterized as 75 percent lousy Americans? A lousy American is one who is eligible to vote, but ignores the privilege that for centuries contributed mightily to make America the greatest nation on the planet.

The so-called season of giving is officially behind us. Even in these sluggish economic times, Americans still managed to spend more than $50 billion in gift-giving. Now that all the gifts have been opened, all that is left is for us to enjoy them.

Yet I can't help but wonder whether our pleasure would be dimmed were we to truly understand what is involved in bringing these gifts - at the bargain prices Americans love - to our homes.

There are those who say that the housing market is just one segment of our overall economy and bad loans are just a fraction of the housing market, so there is nothing to worry about. This viewpoint is wrong, because the housing market is not sealed off from the rest of the economy. On the contrary, clever Wall Street financiers have managed to convert a serious housing bust into a potentially cataclysmic financial crisis.

The U.S. housing market is hurting, as you undoubtedly know. Home foreclosures are the highest since record-keeping began 35 years ago, as 1.69 percent of all outstanding mortgage loans have entered the foreclosure process. As of October, the median price of an American house fell more than $20,000 in 2007.