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To: Elsewhere who wrote (126815)	7/22/2005 10:57:50 AM
From: carranza2	Read Replies (3) \| Respond to of 793682

Did you see Roubini's and Stetser's response to the article you cited? It was in the latest issue of FA. foreignaffairs.org I think Roubini and Stetser are much more logical. In relative terms, the budget deficit is about 6% of GDP which is huge. Sure, we've run higher percentages, but only during extraordinary circumstances such as the World Wars.

To: Elsewhere who wrote (126815)	7/22/2005 11:00:26 AM
From: DMaA	Read Replies (1) \| Respond to of 793682

I have made that point several times: "Bubble" sounds as if high housing prices are pervasive throughout the USA. They aren't. All the big economics columnists live in bubble areas and assume this is the condition everywhere.