Philip Davis

Deflating Housing Bubble = Comfy Landing for Equities

Yes I do!

We have to chat one day, I think the whole concept of a trade deficit needs to be revised.

Yes we outsource crappy jobs but we also outsource pollution, health care, social services and wellfare as well as underproductive real estate and other infrastructure that can be put to better use.

When they moved the factories out of New York and into the Mid-West, did New York crumble? Those "outsourced" jobs took money out of NYC that never came back, other than the occasional tourist - I can't imagine what New York's trade deficit with Michigan must be!

It's a big world now and it's the archaic concept of trade deficits that need to be rethought, rather than wheter or not we should let free market forces work their magic.