Housing bubble is area specific, it can simply reshuffle. Lots of areas very close to the hot spots which are dirt cheap and rock bottom pricing. A correction here means a look elsewhere, as long as money supply grows.
Obviously Tom Paine has zero idea about how the system works and the whole overpublicized deficit/surplus debate. There was an operational "surplus", heavily manipulated by CLinton's accounting. Yeah, a little known fact is that the beloved Bill Clinton was a master at juking the stats. Cause putting the humonogous Medicare & S.S. obligations in tiny footnotes can create a "surplus".
The way this country's financial system works is one of perpetual growing government debt. It's probably not going anywhere. And there are many things the government can spend on and borrow more to do it.
The concept is GLOBALIZATION not Chinatization. The corporate pigs are already looking for the next new sweatshop land as China's pricing is going up. Same goes on in India. They are looking at Eastern Europe actually for Tech offshoring and the rest of Asia for the manufacturing offshoring.