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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: gpowell who wrote (16846)2/6/2004 5:46:52 PM
From: bentwayRead Replies (1) of 306849
 
I think there's a new factor now, a maturing globalization that chases cheap labor around the world. After the manufacturing jobs were "sucked" to Mexico with great success, manufacturers started seeking even cheaper labor, finding it in China, by now not politically scary. Over 500 maquiadoras have been closed and moved to China. With the success in outsourcing manufacturing, corporations began outsourcing service jobs to India and China. Job losses in the US will put downward pressure on ALL salaries here. The only thing I see that might turn this around is war or violent social unrest in the beneficiary countries that disrupts the corporations doing business there. As for China and India needing us as customers, I can see us being phased out as they develop their own wealthy and middle classes. It won't happen overnight, but I'm banking on the growth being in India and China. All one needs to do is look at the gains the portfolios of those two regions as documented on SI threads.
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