Robert [no relation to Paul] Samuelson writes> But beyond all the upbeat indicators lurks a potentially frightening problem that unsettles even the wisest and most seasoned economic observers. It's not government budget deficits, a possible housing bubble or even $2-a-gallon gasoline. It's the dollar.<
It's _both_ the housing bubble _and_ the falling dollar. The former means that the latter could have a bigger [negative] effect on the US economy than otherwise. Add in consumer indebtedness, it's a recipe for disaster. If GDP falls, then corporate debt (which had become bearable) suddenly becomes unbearable again. Jim Devine
