"The prevailing state of mind in England to-day is one of defeatism or...skepticism, of disbelief in herself. England has ceased to have ideas, or if, she has them, to believe in the possibility of their fulfillment. Alone among the Great Powers she has ceased to have a mission...The government of the day has so little faith in its capacity to tackle the major problems of our generation that it invites the other parties to assist with their advice (imagine Mr Gladstone invoking the assistance of Lord Beaconsfield!), and the principle opposition party, knowing full well there is no solution, declines the invitation and keeps its hands free to wash them of the consequences...We have no convictions beyond a vague sort of fatalism". 
Clearly, James seems to be saying exactly the opposite of what Paul says. The key words here, in both passages, are JUSTIFIED (or, in Today's English, "put right with God"), WORKS/DEEDS/ACTIONS (or, in NIV, "observing the law"), and FAITH (same in all versions of both passages). Not only does James echo the same words, in the same parallel structure, but he even cites exactly the same example! The passage from Paul comes near the end of the third chapter of Romans; immediately after that, opening up the fourth chapter, Paul cites the example of Abraham and says it was his faith, not his works, that justified him (Romans 4:1-3). In James 2:21-24 (the same passage noted above), Paul's very example is used against him, but with the opposite (and contradictory) conclusion, that Abraham was justified by the combination of faith with works. Not only does James use exactly the same example, but to remove any doubt that they are referring to Abraham in exactly the same context, both Paul (Romans 4:3) and James (James 2:23) refer to exactly the same scriptural reference to Abraham, in which the Old Testament scriptures say that Abraham's belief was counted to him for righteousness (see Genesis 15:6). James' use of the same examples (right down to the identical scriptural reference), same words, and parallel structure clearly suggest that this was an intentional reply/rebuttal to Paul.
If we see a recession now, it is going to be because of the bursting of the housing bubble. But housing is different. There is no “mark-to-market” pricing. You can’t look up the value of your house on a computer screen like you can your stocks or bonds. People tend to think their houses are special. They know how much time and effort they put into maintaining the house, and experience has taught them that over time, if they are patient, they will get a good price for their home. They become reluctant to sell at a reduced price.