Somebody predicted...

...mortgage meltdown. Well, maybe not in full, but anyway this is an impressive read:
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1

Last week's red color was pretty depressing. On the other hand, I'm pretty sure, that this is really close to the bottom. At least Poland's position is really strong. I think we can highly benefit from this crisis, as our banks are healthy, mortgages are still small percent of the GDP, and GDP itself is still growing quite fast. Inflation should not be that much of an issue with dropping food and gas prices as well. The core thing is to leverage our lower costs in export. If we can do that, and sell our stuff and services to now-frugal western Europe we can do really well, and close the gap even faster than in good times. Oh - and I forgot - amount of outsourcing placed in Poland should further increase, I hope.