The Other Shoe To Drop?

Mike Mandel thinks there is another bubble:

According to the International Monetary Fund, the dollar value of global trade rose by 150% from 1998 to 2007. Over the same period, the market value of owner-occupied U.S. homes rose by 132%, and the dollar amount of household debt rose by 135%...We had a credit and housing bubble--does that mean we had a global trade bubble? I think so.

Oh great.