The major financial crisis facing the United Sates of America:
Of course the only real problem is that the government is now largely corrupted and incompetent, so these issues are not being properly addressed.
The housing bubble is clear. Within a a few years, housing prices that have been artificially inflated (primarily to cure State'a budget solvency problems) will begin to deflate. A lot of poor shmucks are doing to loose their shirts on this one.
But the housing bubble pales in comparison to the Peal Oil crisis. You can expect the price of gas to break $5 a gallon around 2010. Oh, the places we will NOT go! And of course, as anyone familiar with the topic knows, transportation costs are just the tip of this iceberg.
Productivity Acceleration is one you don't often hear about. Well you will (if we manage these other problems) Soon there will be a Robot applying for Your job! Our Free-Markets system just isn;t design to deal with this kind of thing. Expect neo-ludite lashback and job creation through ever thicker government bureaucracy as the moronic counter weight.
And let us not forget the National Debt, which in itself might not be a problem except that 40% of it is now owned by foreign interests! Check out The Other Way to Deal with the National Debt. Of the many issues involved the one most in the mainstream these days is of course Social Security. Never mind that Medicare/Medicaid and the whole health industry is even worse shape. But, hey, this is America! We can afford anything. Right?
