A Short Note

As noted housing prices by CoreLogic, housing prices continue to flatten in June.  It seems like the mounting evidence that the economy is in recession in every meaningful way except for GDP but I am not sure that we continue through Q2 2011. At some point we will get around to discussing the U.S. economy has some serious structural issues.  Since we are not going to have a real meaningful stimulus in the future, why can't we start now? If we assume away the housing bubble of the last decade and pair down the lasting effect of the dot com era, what do we have?  A service economy, (I am not saying there is anything wrong with this) that continues to erode the middle class (I am saying there this is a problem).  The U.S. is not an exporting country but this needs to be addressed at some point.  Am I missing something?  What is the end game on the US trade deficit?