12-06-2007, 03:45 PM
asteele2 Wrote:The dollar is already losing ground as an international reserve currency in large part thanks to this crisis... play our cards wrong and we can still lose a lot more ground.
Is devaluation of the dollar a bad thing? No, I'm not joking. If our stuff is "worth" less to other countries, there's more trade involved - its not worth any less to us while we're selling more goods.
I know its not as simple as a $$ calculation based on the foreclosed houses - because people's emotions get into this, there are market corrections, people buy/sell, dont spend much during xmas because they thing the sky is falling and so on. I look at this as all short term effects. I dont see any long reaching fallout for the economy (longer than a few years) and the housing market 'reset' should be finished in 5-8 years. All IMO.
stevegula Wrote:I can't afford to buy a house because those nimrods drove up the housing market.
Yup. So I spent it all on racing instead :beer: