Ten-year Treasuries and mortgage rates have not gone through the roof. As a result, housing is going to be OK -- and a thousand doomsday forecasts must be put aside.
Our current account deficit interacts with international savings rates (and many other phenomena) to maintain the demand for Treasuries, putting a damper on interest rates.
Why then the pilgrimages to Beijing to beg (and press) for dollar/yuan devaluation?
The forecasters have had a bad year and the macro policy makers are wandering in the wilderness. We do remarkably well in spite of both groups.