Everybody is caught up in the unwind of our late, great, leveraged real estate bubble. In a short order it will be old history. Where is the next bubble, that should be ridden for the next several years?? 1. China The Chinese government will inflate their way out of anything. It is absolutely dependent on economic growth for survival - social chaos is right around the corner - more than westerners can really grasp. For some color read here: http://www.feer.com/authors-corner/2008/november/Street-Justice-in-Fujian 2. Inflation and Hard Assets The global currency regime is broken. With each new economic crisis we get closer to the day of reckoning. The solution to every new problem is to print more money and inflate our way out of it. We will reach a point of no return on the US debt, when even good economic times cannot balance our budget. Then watch the USD collapse and hard assets/inflation take off. I will see it in my lifetime, I am certain.