[EEDUDE]

"Sit tight, my friends. Wait for the housing prices to hit rock bottom."

Good point!

This will happen, and in addition many of those in industry who are now promoting "free enterprise" will lose their jobs as well.

All the "models" that champion free trade assume a free flow of BOTH capital AND labor. This is NOT reality.

[Dialup Llama]

>All the "models" that champion free trade assume a free flow of BOTH capital AND labor. This is NOT reality.

The offshoring model in fact is the opposite of free trade. It is not trade at all but labor arbitrage. Unlike real arbitrage, the act of exploiting the wage differences is not ending the arbitrage opportunity. US companies create captive offshore centers in which the local employees are used to fulfill demand in the US while their wages are kept isolated from that same world demand.