Shipwrecks Help Sinking Economy!

Divers think a new shipwreck can raise a sinking economy
"Our economy is in the waste basket and this is something that will draw national attention and bring people into Traverse City,” said Jack Spencer of Scuba North. "Any place they have sunk a wreck it has really boosted the local economy tremendously.”

U.S. subprime crisis has plenty of unpleasant surprises left
"A study conducted by the International Monetary Fund in 2003 shows that the bursting of real estate bubbles traditionally engenders twice as much fallout on the real economy as do stock market bubbles. Our caution in this matter appears to us to be more than justified. The substantial decline in real house prices that we have already seen in the U.S. housing market, coupled with the prospect of further slides down the road, due to the large inventories of unsold properties, presents the Fed with serious challenges."