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Morici predicts manufacturing and house price slumps
University of Maryland economist Peter Morici predicts a deceptively strong GDP report for the first quarter (Deceptively strong US GDP report expected). On the near horizon he sees slowdowns coming in U.S. manufacturing and house prices.
As far as U.S. manufacturing is concerned, he sees layoffs on the horizon due to President Obama's decisions to tolerate Asian mercantilism:
He argues that rising house and agricultural land prices are due to a speculative boom, that will eventually bust. Morici writes:
When will it become clear to Washington's policy makers that balancing trade, not producing asset-price bubbles, is the solution to America's economic problems?
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