Ah yes, worst inflation since PapaBush's economy was in play.

Because we have all printed money, and fought a war on our credit cards, and bailed out wall street by borrowing more money, then we are to be punished for our fiscal irresponsibility.

for everyone, on the other hand, housing prices are coming down ultimately making homes more affordable.

The mistake is supporting industries like Fannie Mae, bankers and lenders who caused the problem in the first place. If they don't come under the same kind of restrictions (via banking regulations) that ordinary people face with the credit crunch, then these bandits with no controls on them will just do it again. And that includes the Federal Bank who did not do their jobs, contributing to the real estate bubble and compounding it by supporting the lending industry.

http://www.moneynews.com/streettalk/gross_euro_overvalued/2008/07/17/113727.html

Bill Gross: Euro Overvalued by 30 Percent

Thursday, July 17, 2008 11:53 AM

While the dollar has dropped to yet another record low against the euro, the greenback will recover in coming months, according to superstar money manager Bill Gross and other heavyweights.

Rising European interest rates have pushed the euro up nearly 35 percent against the dollar over the past three years, to a high of $1.60.

But a growing number of experts believe the economies of Europe will slump even further than the U.S., forcing the European Central Bank to reverse this month's interest-rate increase.

The euro will slip about 6.5 percent to $1.50 by year-end and then slide further to $1.45 by the middle of next year, according to the median of 37 currency analysts surveyed by Bloomberg News.

Gross, co-CEO of Pacific Investment Management Co. (Pimco), has turned bearish on the euro for the first time since the common European currency was created in 1999. Pimco runs the world's largest bond fund.