As with most economic issues of national and global significance, their percussive consequences are rarely felt in most people's pockets until months or even years after an event has unfolded. Often, the possibility of such negative personal effects are denied or rationalized until all is lost and past inaction is regretted.

Such is the case with the hotly debated U.S. real estate 'bubble'. Does it exist or does it not?

Should we care?

Those who care will be determined by each person's respective positions in the market as well as his or her associated [in]tolerance level for market volatility.

That said, there would be some elements of the housing boom and bust that clearly affect us all. For example, about 25% of all jobs created since 2001 have been either the direct or indirect result of the housing boom. These include jobs in construction, real estate and mortgage finance.

What happens to these jobs if the boom goes bust?

Also affecting everybody is the potential for an overwhelming loss of national wealth. Though for many, the rather ambiguous concept of 'home equity' sits only peripherally on their household balance sheet, it generally accounts for the majority of a family's total wealth.

A significant reduction in this asset would inevitably inhibit a family's propensity to spend their disposable income as freely as they had in the past. This is true regardless of whether or not the homeowner had considered 'cashing in' on their property's inflated value. This negative effect would likely be augmented for those hoping to realize their home's equity either through a home equity loan or through selling the property.

Bush's much heralded trade deal with India begs a significant question.  Was Bush, in effect, trading India joining the Nuclear Club so American businessmen can outsource more jobs to India?  Pakistan wasn't overjoyed over Bush's visit.  It was greeted with the tragic death of an American Ambassador.  Riots erupted everywhere Bush went.

With the unpopularity of Bush's presidency he must be operating under the illusion that he is welcome anywhere.  Bush chases around the world almost as if he was on a perpetual Air Force One continuous trip.  Bush seems to be an attachment of Air Force One.

No wonder he claims he was in the dark about the Dubai U.S. port outsourcing to the Saudi-based company.  Trusting U.S. Homeland Security to the Saudis begs the question:  Don't you trust American workers, Mr. Bush?

Bush did a little fancy footwork, explaining how wonderful outsourcing jobs away from American workers could be.  Bush cracked what amounts to a joke, saying "Education eases outsourcing!"  Considering what a mediocre student Bush's college career revealed, maybe his position as President should be outsourced as fast as you can say Impeach George Bush!