Disagree. Houses is up to how to deal with shadow inventory

manufactory trend is not going to be reversed.  Any large scale consumer manufactoring is gone and will not be back to US.  Only those highly flexiable, advanced manufactoring could stay.  Like Iphone or smart phones will not come back.  Happy Meals' toys will not be made in US ...  Even the services are going to move out to other countries like India, philippine, even China.  Globalization is ireversiable.  US is going to lead with its "knowledge" economic.  When you are the leader, you can "name" your own price, have a higher margin.  It may not be only the high tech field, other industries could take the lead too, like entertainment, education, bio ... Remember why those pills are so expensive in US. 

For housing, I still believe it will be flat for quite some time (1~3 years) because of the hidden inventory.  For buy and rent, it is still a good time to buy since interest rates are lower, just hard for flipping. 

I think Euro will stay, but it will not be smooth and it requires a lot of political wills.  Democrat always goes with chaos so some countries could be out (kicked out or leave by itself). 

This is a interesting time, pay attention to the under skin tendencies.  Manufactory moving back is only skin deep.  US is in middle of a huge transformation, there are so many directions.  The keys are:  "knowledge" and "leading".  Like Biology (medical too) will be next new bubble.  I read a article about organizing the convention, summit, conference.  They are changing too to encourage more active learning, exchanging.