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In my pessimistic point of view, taking into account the huge debt of the current war and the housing market, it may rival the great depression. On the other hand, an optimistic view on this is just like any economic history cycle in the U.S, there would be time for grow and decline, and it just happens that we’re in the decline stage...
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Once the U.S pulls out of Iraq and let the housing prices decline to normal level, everything will be fine.
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