Where is the Puck?

In a recent Fortune magazine, Geoff Colvin suggests that we may be approaching the end of the next bubble: standard-of-living bubble. Stock prices are back where they were 8 years ago, and home prices are where they were 5 years ago. Personal savings are decreasing, while financial markets are going through extremely challenging times, with the giant Lehman Brothers gong bankrupt only few days ago. Many agree that the next credit crunch will be the CREDIT CARD CRUNCH. That all being said, unless our incomes go significantly up (and you will probably agree that this is not too likely), we will have less money to spend. Is this the end of standard-of-living bubble?