Miami is known for palm trees, beaches, and luxuries but as the economy continues to worsen a large part of the Miami lifestyle is beginning to suffer.

Miami is just one city throughout the United States that is seeing the devastating effects of a housing and job market reaching all time lows. As a city known for its prime real estate the housing market here has definitely slowed due in large part to the Sub Prime Mortgage crisis which has put the entire economy in a tail spin.

The effects of the declining housing market is being felt in all aspects of life. Financial markets that may not necessarily have a direct connection to home mortgages are beginning to suffer from the economic stress. Car lenders have started to implement stricter standards before approving loans.

Alan Greenspan, former chairman of the Federal Reserve and economic guru, was on the record for saying recently that he honestly hopes that the very worst of the credit crunch  is over and that the duration of a recession for America is tied directly to the length in which the financial turmoil of the county lasts.

Speaking by means of satellite to an economic conference being held in Italy, Greenspan has mentioned that the situation should still be seen as one of critical concern, and that the economic crisis may very well find itself being dragged out into 2009.