1) 5 year ARM resets from 2005
2) Credit card defaults increasing
3) Greece, Italy, Spain, Portugal, Ireland... any one can trigger a meltdown in Europe
4) China... tightening its credit and removing stimulus to control inflation and slow growth.
5) Mortgage defaults continuing to rise (which likely will lead to more foreclosures)
6) CA... can they survive without a Federal bailout? Doubtful... but can the Fed bail them out? If they do, it sets a bad precedent. (this is a similar situation to what the wealthier EU countries are facing with the countries in number 3)
7) Deficit spending is out of control
8) Unemployment is likely going to remain above 9% for at least the remainder of this year if not longer... which will cause consumer spending on the whole to remain tight
9) Commercial real estate... sitting on the edge of another implosion if credit doesn't start loosening up
There are a lot of things sitting on the edge right now. If we don't start addressing some of these problems, we will see the double dip.