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The only way forward for America, and eventually Australia, is to rely on high-IQ, value-add industries. IT, biotech, value-add to agricultural products, value-add to dirt mined out of the ground, education export - these are the things that will drive the Western world. Pity our education...

Yea it's amazing how misinformed people are. I know nothing about the US, but a bit of common sense goes a long way. If a house in the States is selling for US$30k, at its peak it's probably only selling for US$100k anyway. I'm sure US$100k was a 'bargain' relative to Australian house prices...