It'll be interesting to watch both the housing and the oil bubbles pop.
Yep. I wonder how many people would have bought new homes if prices were not doubled and tripled by speculation? And if gas prices drop at the same time, it could be a recipe for a fantastic renewal.
But there is no oil bubble.
China is a huge industrial power. That will not change. So forget about cheap oil until some bright boy figures out a cheap way to get oil from coal or shale.